Court awards Knox family $25.6 million
Knox heirs sued HSBC over handling of trust funds
Updated: Tuesday, 30 Nov 2010, 6:25 PM EST
Published : Tuesday, 30 Nov 2010, 1:37 PM EST
BUFFALO, NY - Business First is reporting that the widow and heirs of former Buffalo Sabres owner Seymour H. Knox III have won a legal settlement against HSBC bank that could be worth $25.6 million.
The award is one of the largest handed down in Western New York's Surrogate Court.
New York Surrogate Court Judge Barbara Howe ruled on November 24 on seven separate Knox family trusts, dating back to 1957.
The suit was brought over how HSBC Bank and its predecessor, Marine Midland Bank, handled the seven trusts. The Knox family charges the bank’s trust department mismanaged the accounts, resulting in the loss of millions in potential income and investments.
HSBC plans to appeal the ruling.
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