DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - HSBC Sues MF Global Over $850,000 of Gold

**MwhwF6bp** · 12-10-2011, 06:56 PM

http://mobile.bloomberg.com/news/201...r-bars-1-.html

An HSBC Holdings Plc (HSBA) unit sued the MF Global Inc. brokerage trustee to establish whether he or another person is the rightful owner of gold bars worth about $850,000 and silver bars underlying contracts between the brokerage and a client.

Five gold bars and 15 silver bars underlie eight Comex contracts between the brokerage and its client Jason Fane of Ithaca, New York, the unit of London-based HSBC said in a court filing yesterday. Both parties have asserted claims to the bars, creating difficulties for HSBC, which is storing them, the bank said. HSBC asked a judge to decide who the rightful owner is.

Bullion is selling for about $1,717 an ounce on the Comex in New York , up about 21 percent this year, as investors bought the metal to protect their wealth from Europe ’s escalating debt crisis, and reached a record $1,923.70 in September. Treasuries returned 9.3 percent, a Bank of America Corp. index shows.

These bars are mine,” Fane said in an e-mail today. “We had a letter from HSBC that they were on the loading dock to be shipped to our warehouse contractor when there was some action taken by a third party to stop or delay shipment.

12-10-2011, 06:56 PM	#1
MwhwF6bp Join Date Oct 2005 Posts 506 Senior Member	HSBC Sues MF Global Over $850,000 of Gold http://mobile.bloomberg.com/news/201...r-bars-1-.html An HSBC Holdings Plc (HSBA) unit sued the MF Global Inc. brokerage trustee to establish whether he or another person is the rightful owner of gold bars worth about $850,000 and silver bars underlying contracts between the brokerage and a client. Five gold bars and 15 silver bars underlie eight Comex contracts between the brokerage and its client Jason Fane of Ithaca, New York, the unit of London-based HSBC said in a court filing yesterday. Both parties have asserted claims to the bars, creating difficulties for HSBC, which is storing them, the bank said. HSBC asked a judge to decide who the rightful owner is. Bullion is selling for about $1,717 an ounce on the Comex in New York , up about 21 percent this year, as investors bought the metal to protect their wealth from Europe ’s escalating debt crisis, and reached a record $1,923.70 in September. Treasuries returned 9.3 percent, a Bank of America Corp. index shows. These bars are mine,” Fane said in an e-mail today. “We had a letter from HSBC that they were on the loading dock to be shipped to our warehouse contractor when there was some action taken by a third party to stop or delay shipment.
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