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  1. Wealth
May 26, 2010

WBrief: $15.5bn Madoff settlement reached

By Spear's

A total of 20 European banks have agreed to reimburse non-US investors for $15.5 billion of losses caused by the jailed Ponzi fraudster Bernard Madoff but some Swiss lenders have yet to do so, a lawyer for victims has been quoted by Reuters as saying.

A total of 20 European banks have agreed to reimburse non-US investors for $15.5 billion of losses caused by the jailed Ponzi fraudster Bernard Madoff but some Swiss lenders have yet to do so, a lawyer for victims has been quoted by Reuters as saying.

Javier Cremades, who helped create a legal network to pursue Madoff investor claims, was quoted saying he arrived at the $15.5 billion sum, covering 720,000 investors, based on a survey of law firms in the network. However, he declined to name most of the banks or the amounts that each bank had agreed to pay.

However, he did name HSBC as among the settling banks. A source close to HSBC said that bank was not aware of any such settlement. HSBC declined to comment, the report said.

To read the full story, visit wealthbriefing.com

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