Four years after Bernard Madoff pleaded guilty to running the largest Ponzi scheme in history, investors are still trying to get their money back. Thema International Fund Plc is seeking about $1.5 billion from HSBC Holdings Plc (HSBA) at a 14-week trial that started at the High Court in Dublin today. The case is one of dozens to focus on banks’ role as “custodians” to investment funds that deposited money with Madoff. HSBC, Europe’s largest bank, faces more than 50 complaints in Ireland over claims it failed to discover Madoff’s activities. The fraud hurt many investment vehicles like Dublin- based Thema, funds known as UCITS that target retail investors. At least three UCITS, which stands for Undertakings for Collective Investment in Transferable Securities, were liquidated because of Madoff-related losses. More on Bloomberg here.
