Lawsuit over Ponzi scheme drags on London-headquartered lender, whose profits plunge by 14%
HSBC has warned it “could take years” to finally settle a lawsuit over the Bernard Madoff Ponzi scheme, as the bank’s profits fell 14% after it took a $1.1bn (£830m) hit on the 2009 scandal.
The London-headquartered bank’s finance chief issued the warning as the provision for the case dragged on HSBC profits, offsetting a jump in income in the three months to the end of September.