HSBC on Wednesday defeated a 116 million pound ($141 million) lawsuit in a London court over allegations the bank should have refused to make payments for convicted financier Allen Stanford.
The HSBC bank logo is seen in the Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photoon Wednesday defeated a 116 million pound lawsuit in a London court over allegations the bank should have refused to make payments for convicted financier Allen Stanford.
In 2012, Stanford was sentenced to 110 years in prison in the United States for running a $7 billion Ponzi scheme affecting approximately 18,000 former investors. The liquidators brought a civil case in London to recover 116 million pounds which was paid out of Stanford International Bank’s accounts with HSBC, before being paid to Stanford International Bank’s customers in redemption payments and interest.
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