HSBC to take $1.1-billion hit after Luxembourg unit loses appeal in Bernard Madoff case

Why is Amazon cutting 30,000 corporate jobs? How will US-China trade deal affect global markets? What caused rare earth stocks to slump today? Why is Qualcomm entering the AI chip market? How did Trump-Japan deals impact rare earth supplies? What are the effects of the federal government shutdown? Why did HSBC take a $1.1 billion Madoff lawsuit hit?

HSBC to take $1.1-billion hit after Luxembourg unit loses appeal in Bernard Madoff case

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HSBC Holdings HSBC-N said on Monday it would book a US$1.1-billion provision in its third-quarter results after losing part of an appeal in a long-running lawsuit tied to Bernard Madoff’s Ponzi scheme, history’s biggest ever such fraud.
HSBC acted as a service provider to several funds…

This story appeared on theglobeandmail.com, 2025-10-27 11:08:47.