HSBC warns it could take years to settle Madoff case as bank takes $1.1bn hit

<p>Lawsuit over Ponzi scheme drags on London-headquartered lender, whose profits plunge by 14%</p><ul><li><p><a href="https://www.theguardian.com/business/live/2025/oct/28/uk-productivity-downgrade-tax-rise-speculation-reeves-hsbc-pharma-business-live">Business live – latest updates</a></p></li></ul><p>HSBC has warned it could take years to finally settle a lawsuit over the <a href="https://www.theguardian.com/us-news/2021/apr/14/bernie-madoff-dies-prison-ponzi-scheme">Bernard Madoff Ponzi scheme</a>, as the bank’s profits fell 14% after it took a $1.1bn (£830m) hit on the 2009 scandal.</p><p>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.</p> <a href="https://www.theguardian.com/business/2025/oct/28/hsbc-bernie-madoff-case-bank-lawsuit-profits">Continue reading...</a>