HSBC Beats £118M Stanford Bank Ponzi Scheme Claim

Law360, London (April 15, 2021, 3:08 PM BST) -- A London appeals court has axed a £118 million ($168 million) lawsuit against HSBC in connection with a massive Ponzi scheme run by Stanford International, finding on Thursday that the financial giant did not owe a duty of care to creditors of the scandal-hit Caribbean bank.

A London appeals court has axed a £118 million ($168 million) lawsuit against HSBC in connection with a massive Ponzi scheme (AP Photo/Frank Augstein) The Court of Appeal ruled in favor of HSBC PLC and struck out a lawsuit seeking damages after the lender paid out millions before Stanford International Bank Ltd. collapsed in 2009....

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!