Ethics and governance in the European Financial centers

Reuters has reported that HSBC is being sued by the trustee liquidating the Madoff businesses, Irving Picard, who claims $578 million. Lawsuit names Herald Fund’s beneficiary bank, London-based HSBC Bank Plc, and its asset custodian  HSBC Securities Services (Luxembourg) S.A.

As Reuters observes the defendants are not accused of knowing about Madoff's vast fraud, but the trustee contends they ignored red flags and should have realized that the disgraced financier's returns were too good to