HSBC Braces for $1.1 Billion Hit From Madoff Lawsuit

Bernie Madoff went to jail in 2009 and died in 2021. His Ponzi scheme, one of the biggest frauds in Wall Street history, is still haunting the finance industry. HSBC said that it would set aside $1.1 billion as it continues to fight litigation in Luxembourg, the Wall Street Journal reported. The lawsuit, filed by a client soon after the collapse of Madoff’s scheme, alleged that Europe’s biggest bank had failed to protect its assets.
Luxembourg
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Altice International Creditors Tap Houlihan Lokey for Debt Talks

Creditors to Altice International have chosen Houlihan Lokey as their financial adviser for upcoming debt negotiations with the company, according to Bloomberg. The formal appointment of Houlihan Lokey has not yet been completed. The creditor group, which is already working with law firm Gibson Dunn & Crutcher, has also extended their cooperation agreement through March. This agreement was originally established earlier this year and was scheduled to expire this month. Altice International is part of billionaire Patrick Drahi’s telecommunications empire, which has been facing challenges.
Luxembourg
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