HSBC to take $1.1 billion hit after Luxembourg court ruling in Madoff case

HSBC Holdings is setting aside $1.1 billion for its third-quarter results. This provision follows a partial loss in an appeal related to the Bernard Madoff Ponzi scheme. The bank acted as a service provider to funds that invested with Madoff. Herald Fund SPC sued HSBC's Luxembourg unit seeking restitution of assets lost in the fraud.