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By Matthew Rocco | June 7, 2011 10:53 AM EDT

HSBC Holdings agreed to pay $62.5 million to settle a lawsuit that was filed in New York. The lawsuit was filed by investors in a fund that lost money as part of Bernard Madoff's ponzi sheme.

The settlement, which HSBC said is not an admission of fault, still needs to be approved in court. HSBC, the largest bank in Europe, is based in London.

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