Abc
23 January 2012
HSBC TERMINATES PROPOSED SETTLEMENT FOLLOWING DISMISSAL OF US CLASS ACTION RELATING TO THEMA UCITS FUND
In the class action brought in New York against various HSBC
companies1 ("HSBC")
and numerous other defendants on behalf of investors in the
Thema International
Fund PLC ("Thema"), an Irish incorporated and authorised
UCITS fund whose assets were invested with Bernard L Madoff
Securities LLC ("Madoff Securities"), the New York federal
court dismissed the claims against HSBC and the other
defendants based in part on a finding that Ireland was a more
appropriate forum to litigate the plaintiff's claims and,
thereafter, declined to consider whether to grant approval of
the proposed settlement between HSBC and the plaintiff, as
was required for the settlement to become effective. In light
of the court's decisions, HSBC has terminated the
settlement agreement. The plaintiff contests HSBC's right to
terminate and has appealed the court's decisions.
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Media enquiries to:Jezz Farr +44 (0) 20 7991 3124 jezz.farr@hsbc.com
Notes to editors:1. The HSBC defendants in the case are: HSBC Securities Services (Ireland) Limited; HSBC Institutional Trust Services (Ireland) Limited: HSBC Holdings plc; and, subject to the granting of leave to effect a proposed pleading amendment, HSBC Bank USA, N.A
The HSBC GroupHSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 7,500 offices in over 80 countries and territories in Europe,
the Asia-Pacific region, North and Latin America, and the Middle East and Africa. With assets of
US$2,716bn at 30 September 2011, HSBC is one of the world's largest banking and financial services organisations.
ends/all
This news release is issued by
HSBC Holdings plc
Registered Office and Group Management Office:
8 Canada Square, London E14 5HQ, United Kingdom
Web: www.hsbc.com
Incorporated in England with limited liability. Registered number 617987
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HSBC terminates proposed settlement following dismissal of US Class Action relating to Thema UCITS fund |