In 2003, plaintiffs opened private banking accounts with defendant HSBC. Plaintiffs used their HSBC accounts to invest hundreds of thousands of dollars in shares of Fairfield Sentry Limited (Sentry), an off-shore Madoff "feeder fund" — a hedge fund that invested nearly all of its assets with Bernard L. Madoff Investment Securities LLC. Plaintiffs became beneficial owners of the Sentry shares and thus came to have exclusive rights to any investment returns, interests...
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