On Air Now

Current Show

Jerry Bader   9:00 AM - 11:00 AM

Call The Jerry Bader Show at 1-888-455-1360

Show Info »

Upcoming Shows

Program Schedule »

Listen

Listen Live Now » 550 AM Wausau, WI 99.9 FM Stevens Point, WI

Weather

Current Conditions(Wausau,WI 54403)

More Weather »
70° Feels Like: 70°
Wind: E 6 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Today

Scattered Thunderstorms 78°

Tonight

Thunderstorms Early 65°

Tomorrow

AM Showers 77°

HSBC agrees $62.5 million Madoff lawsuit settlement

The HSBC building is seen on Canary Wharf in London
The HSBC building is seen on Canary Wharf in London

LONDON (Reuters) - HSBC said it agreed to pay $62.5 million to settle a class action brought against it in the United States over its role in providing administrative services to a fund which placed cash with Wall Street swindler Bernard Madoff.

The action was brought by investors in Thema International Fund, which transferred a net $312 million to Madoff, Europe's biggest bank said on Tuesday.

Madoff is serving a 150-year prison sentence after pleading guilty in March 2009 to orchestrating what is considered to be the biggest Ponzi scheme in history.

HSBC said it continued to "vigorously" defend itself in other Madoff-related proceedings brought against it and its subsidiaries.

(Reporting by Myles Neligan; Editing by David Holmes)

(This story is corrected in headline and first paragraph to make clear HSBC agrees to pay, not had paid)

Comments