April 3, 2024
By Christopher Crosby (January 19, 2022, 4:07 PM GMT) — HSBC’s decision to pay £116 million ($158 million) to victims of a $7 billion Ponzi scheme robbed Stanford of the opportunity to strike a deal over its debt with creditors, the Antiguan bank told Britain’s highest court on Wednesday. 

Counsel for Stanford has told the Supreme Court that HSBC breached its banking duty not to pay out the money, causing the Caribbean bank a loss on its balance sheet. (AP Photo/Frank Augstein) The British lender is liable for transferring money out of Stanford International Bank’s accounts in the months before the company collapsed in 2009 after one of the world’s largest…

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