A High Court judge has directed the Irish arm of HSBC to outline clearly, in its defence to legal actions, the extent to which monies were paid over to companies of jailed US fraudster Bernard Madoff and in what capacity.
Mr Justice Frank Clarke said yesterday HSBC Institutional Trust Services (Ireland) Ltd, Dublin, should incorporate the specified pleas in its defence to the actions against it by two mutual funds over alleged losses. Mr Justice Clarke has charge of 47 cases against HSBC over allegedly entrusting more than €500 million and $500 million from investors to Madoff and his companies.
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