Legal News & Attorney Services

HSBC Fights Cayman Fund’s Expanding $2B Madoff Claim

By Richard Crump (October 14, 2021, 4:25 PM BST) — An HSBC subsidiary urged the highest court for overseas British territories on Thursday to block a Cayman Islands investment fund from pressing new arguments in its long-running lawsuit seeking $2 billion in damages following losses from Bernie Madoff’s massive Ponzi scheme.

HSBC Securities Services (Luxembourg) SA said the Judicial Committee of the Privy Council, which sits in London, should overturn a decision by the Court of Appeal of the Cayman Islands directing that a trial take place to quantify damages based on new evidence.

Richard Gillis QC of One Essex Court, representing HSBC, said that allowing Primeo Fund to advance new…

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