The Irish High Court has ruled that a bank employee based in Ireland must give evidence in an ongoing court case against the disgraced businessman Bernie Madoff.
A group of investors have brought proceedings against Madoff over losses they claimed were caused by the collapse of his investment companies.
The shareholders are claiming their money was invested by the Optimal Strategic US Equity Ltd Fund. They claim the fund then invested their money with former New York NASDAQ Stock Exchange chairman Bernard Madoff's firm Bernard L Madoff Investment Services LLC (BMIS).
Their money disappeared it was exposed that Madoff was running a Ponzi scheme.
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At the the High Court in Dublin last Monday, Mr Justice Michael Peart, granted an order to allow US lawyers involved in the proceedings to take evidence from David Nolan, the Head of the Investor Services Department of HSBC Securities Services Ireland Ltd, based in Dublin City.
The court action claims that HSBC Securities Services were the administrators of the Optima US fund. The maintain Nolan may be the most knowledgeable person in this regard, so they have asked him to give oral testimony. Counsel said Nolan was to be examined before Eileen Barrington in April.
According to attorney Patrick O'Reilly Bl, the proceedings form a part of a proposed class action taken by the investors against Spanish banking group Banco Santander, Optimal Investment Services and Mr Jonathan Clark. The group of investors hail from Israel, Panama the Channel Islands as well as the US.
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