The WSJ reports that HSBC Holdings PLC and Austria’s Bank Medici AG have been ordered by a Luxembourg court to hand over documents relating to money placed by investors with Bernard L. Madoff Investment Securities LLC.
The action, brought by European shareholder-rights group Deminor, is linked to investments made through Luxembourg fund Herald Lux, which acted as one of many “feeder funds” for Bernie’s business.
HSBC acted as custodian for Herald Lux, while Bank Medici acted as intermediary for the fund.
“Deminor considers this court victory as important in order to assess the liability of the custodian, the investment manager and auditor of Herald Lux in connection with the losses suffered on fund assets entrusted to BMIS,” Deminor said in a statement. [via WSJ]