A weekend of mixed news for HSBC

HSBC's rights issue sails through with 97% of shareholders taking up their entitlements, but the bank's custody division is hit with a law suit in connection with the Madoff fraud.

It was good and bad news for HSBC this weekend. The bank's rights issue received backing from a resounding majority of shareholders, while at the same time, its custody division, HSBC Securities Services, got slapped with a law suit in Luxembourg in connection with the Madoff fraud.

HSBC announced yesterday that 96.6% of the shares offered in its 12.5 billion $18.5 billion rights issue had been lapped up by shareholders and other qualifying investors holding the rights. The balance of...

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