HSBC Sues MF Global Over 0,000 of Gold
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HSBC Sues MF Global Over $850,000 of Gold
HSBC Holdings plc is a public limited company incorporated in England in 1990, and headquartered in London since 1993.
By Linda Sandler and Tiffany Kary
An HSBC Holdings Plc (HSBA) unit sued the MF Global Inc. brokerage trustee to establish whether he or another person is the rightful owner of gold bars worth about $850,000 and silver bars underlying contracts between the brokerage and a client.
Five gold bars and 15 silver bars underlie eight Comex contracts between the brokerage and its client Jason Fane of Ithaca, New York, the unit of London-based HSBC said in a court filing yesterday. Both parties have asserted claims to the bars, creating difficulties for HSBC, which is storing them, the bank said. HSBC asked a judge to decide who the rightful owner is.
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Related reading:
The Gold “Rehypothecation” Unwind Begins: HSBC Sues MF Global Over Disputed Ownership Of Physical Gold
Zero Hedge (9 Dec 11)
