HSBC wins UK supreme court case over €133m lawsuit via IrishTimesBiz
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.
Their lawsuit was thrown out by the Court of Appeal last year and, on Wednesday, the United Kingdom's Supreme Court dismissed the liquidators' appeal by a four-to-one majority. Announcing the court’s decision, Judge Vivien Rose said the payments “do not amount to a recoverable loss because the payments made relieved Stanford International Bank of £116 million pounds’ worth of its contractual liabilities”. She added that the bank’s assets would have been the same if the payments were not made because “it would have £116 million pounds more in cash but it owed £116 million pounds more in debt”. An HSBC spokesperson said in a statement: “HSBC is pleased with the result but there is no further comment.” – Reuters
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