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HSBC braces for a billion-dollar hit in the legal fight over the Madoff Ponzi scheme.

Live from the UK, this is the Marketplace Morning Report from the BBC World Service.

I'm William Lee Adams. Good morning.

When the financial crash blew up in 2008, the crimes of Bernie Madoff were revealed.

His $65 billion Ponzi scheme is thought to be one of America's largest financial frauds ever, and the fallout from his actions are still being felt today.

As UK-Hong Kong banking giant HSBC announced a 14% fall in third quarter profits, it also revealed its set aside more than a billion dollars for a lawsuit brought by made-off investors.

The BBC's Mora Fogarty joins me now to explain more, Mora High. more than a billion dollars for a lawsuit brought by Madoff investors.

The BBC's Mora Fogarty joins me now to explain more, Mora Hi.

Hi there, William.

So just remind us who was Madoff and what did he do that led to all this?

Bernie Madoff ran up until 2008, what seemed to be a very successful fund making money, you know, hand over fist for his investors. As it turns out, it was a Ponzi scheme and it was one of the biggest

frauds in Wall Street history. A lot of investors and a lot of banks were ensnared in this Ponzi

scheme. And so HSBC has talked about how it needs to set

aside some money because of ongoing lawsuits as a result of that. Had this been coming,

were HSBC expecting it? So what HSBC has announced is that it's setting aside $1.1 billion

for this litigation that it's setting aside $1.1 billion for this litigation that it's

facing in Luxembourg that was brought against HSBC by one of the clients of the bank, who was

also an investor in the made-off funds. And the clients were alleging that, you know, HSBC had failed to protect its assets.

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