HSBC’s Irish arm sued for $540m over Madoff

Defender Ltd, an investment fund with registered offices in the British Virgin Islands, has sued HSBC Institutional Trust Services (Ireland) Ltd, with registered offices at Grand Canal Square, Dublin, for $540m (€399m) over alleged breaches of an agreement relating to custody of funds.
The case is centred on the role of banks’ as “custodians” to investment funds that deposited monies with Madoff entities.