# EDGAR Filing Document

**Accession Number:** 0001089113
**File Stem:** 0001654954-25-012230
**Filing Date:** 2025-10
**Character Count:** 5501
**Document Hash:** f4d61fc09a5120e7b036944d8999dbb6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001654954-25-012230.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0001654954-25-012230

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251027

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HSBC HOLDINGS PLC
- **CENTRAL INDEX KEY:** 0001089113
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14930
- **FILM NUMBER:** 251417707

**BUSINESS ADDRESS:**
- **STREET 1:** 8 CANADA SQUARE
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** E145HQ
- **BUSINESS PHONE:** 442079913048

**MAIL ADDRESS:**
- **STREET 1:** 8 CANADA SQUARE
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** E14 5HQ

**FORM 6-K**

 **SECURITIES AND EXCHANGE COMMISSION**

 **Washington, D.C. 20549**

 **Report of Foreign Private Issuer**

 **Pursuant to Rule 13a - 16 or 15d - 16 of**

 **the Securities Exchange Act of 1934**

For the month of October

 **HSBC Holdings plc**

42nd Floor, 8 Canada Square, London E14 5HQ, England

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F).

Form 20-F X Form 40-F

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

26 October 2025

 **HSBC Holdings plc**

 **Update on Herald Fund SPC litigation relating to the Madoff fraud**

In a 2009 lawsuit in Luxembourg relating to the Bernard L. Madoff Investment Securities LLC fraud, HSBC Securities Services Luxembourg ('HSSL') is defending a claim brought by Herald Fund SPC ('Herald') for restitution of securities and cash. For prior disclosure on this matter, please refer to page 98 of the HSBC Holdings plc 2025 Interim Report (https://www.hsbc.com/investors/results-and-announcements).

On 24 October 2025, the Luxembourg Court of Cassation denied HSSL's appeal in respect of Herald's securities restitution claim, but accepted HSSL's appeal in respect of Herald's cash restitution claim. HSSL will now pursue a second appeal before the Luxembourg Court of Appeal.

If HSSL is unsuccessful in that second appeal, it will contest the amount HSSL is required to pay in subsequent proceedings before the Court of Appeal.

Following this development, HSBC Holdings plc will recognise a provision of US$1.1bn in its consolidated financial results for Q325, an around 15 bps impact on the Group's CET1 capital ratio. Given the pendency of the second appeal and the complexities and uncertainties associated with determining the quantum of restitution, the eventual financial impact could be significantly different. The provision will be classified as a material notable item and will not impact FY25 RoTE excluding notable items or any dividend.

HSBC's Q325 results will be announced as planned on 28 October 2025.

For and on behalf of

HSBC Holdings plc

Aileen Taylor

Company Secretary

 *This announcement contains both historical and forward-looking statements. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements may be identified by the use of terms such as 'expects,' 'targets,' 'believes,' 'seeks,' 'estimates,' 'may,' 'intends,' 'plan,' 'will,' 'should,' 'potential,' 'reasonably possible', 'anticipates,' 'project', or 'continue', variations of these words, the negative thereof or similar expressions or comparable terminology. HSBC has based the forward-looking statements on current plans, information, data, estimates, expectations and projections about, among other things, results of operations, financial condition, prospects, strategies and future events. These forward-looking statements are subject to risks, uncertainties and assumptions about us, as described under 'Cautionary statement regarding forward-looking statements' contained in the HSBC Holdings plc Annual Report on Form 20-F for the year ended 31 December 2024, filed with the SEC on 20 February 2025 (the '2024 Form 20-F') and in subsequent reports on Form 6-K furnished to or filed with the SEC. HSBC undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed herein might not occur. Investors are cautioned not to place undue reliance on any forward-looking statements, which speak only as of their dates. No representation or warranty is made as to the achievement or reasonableness of such forward-looking statements. Additional information, including information on factors which may affect the HSBC Group's business, is contained in the 2024 Form 20-F and in subsequent reports on Form 6-K.*

 **SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| |
|:---|
| HSBC Holdings plc |
| By: |
| Name: Aileen Taylor |
| Title: Group Company Secretary and Chief Governance Officer |
| Date: 27 October 2025 |

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