Herald Lux

2017, Luxembourg

Deminor advised and represented more than 800 investors in the Luxembourg-based investment fund Herald Lux SICAV, which went into liquidation after the New York broker Bernard Madoff admitted that he had operated a large-scale Ponzi scheme. Deminor’s clients sued Herald Lux and its custodian bank HSBC Security Services.  In 2017, a settlement was reached between all parties involved in the litigation. The settlement with HSBC and further settlements reached between Herald Lux and the Madoff estate will allow Herald Lux investors to recover a significant portion of their losses through Deminor.