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HSBC to recognize $1.1 billion provision in third quarter after court ruling in Madoff case

By CNBC   |   1 month ago
HSBC to recognize $1.1 billion provision in third quarter after court ruling in Madoff case

HSBC bank will recognize a $1.1 billion provision in its third-quarter results due to a court ruling in Luxembourg related to the Bernard Madoff investment fraud case. Herald Fund SPC sued HSBC's Luxembourg unit in 2009 for restitution of lost securities and cash.

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