HSBC reported a 14 percent drop in third-quarter pre-tax profit on Tuesday, with the banking giant's bottom line weighed down by legal provisions related to the late Bernard Madoff's huge investment fraud.
The London-headquartered lender revealed the fallout Monday amid a Luxembourg lawsuit brought by Herald Fund dating back to 2009, when Madoff was sentenced to 150 years in prison for running a pyramid-style scheme.
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