HSBC Holdings sued for $9 billion
HSBC Holdings Plc, Europe's biggest lender, was sued for $9 billion over claims it aided Bernard Madoff's fraud through a network of feeder funds in Europe, the Caribbean and Central America.
HSBC has set aside $2 billion (c. £1.3 billion) for fines, compensation claims and costs, though that still pales in comparison to the bank's first-half pre-tax profit, which exceeded £8 billion.