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Article: Judge aims for speedy Madoff resolution
- Article from:
- The Irish Times
- Article date:
- October 17, 2009
- Author:
CopyrightCopyright 2009 The Irish Times. Provided by ProQuest LLC. (Hide copyright information)
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A HIGH Court judge has made rulings aimed at a cost-effective and
speedy resolution of a raft of legal actions brought here after more
than [euro]830 million of investor money entrusted to the Irish arm
of European banking giant HSBC ended up with now jailed US billion-
dollar fraudster Bernard Madoff.
Mr Justice Frank Clarke remarked yesterday that it seemed the
investors had lost "very substantial" funds channelled to a
"fictitious hedge fund" operated by Bernard Madoff Investment
Securities LLC (BMIS) and other Madoff companies.
He made rulings effectively meaning that, while key legal issues
in the actions by mutual funds which used HSBC as a custodian will
be first determined, all other ...