Judge rules banks should reveal Madoff reports

(Bloomberg): HSBC Europe’s biggest bank, should turn over internal reviews of potential fraud and other operational risks at Bernard Madoff’s business from 2006 and 2008, a New York judge has ruled. US Bankruptcy Judge Burton Lifland agreed to seek an order from the High Court in London forcing HSBC to hand over reports, contracts, audio recordings and documents related to examinations of Madoff’s firm conducted by an affiliate of KPMG International. HSBC acted as custodian bank for several funds that invested with the con man. The last review was commissioned by HSBC in September 2008, about three months before Madoff’s arrest, according to the ruling.