Trustee Suit Claims UBS Facilitated Madoff Fraud

Law360, New York (November 24, 2010, 1:27 PM EST) -- The trustee liquidating Bernard Madoff's investment firm is seeking more than $2 billion in a suit against UBS AG and other companies accusing them of collaborating in Madoff's Ponzi scheme.

Baker and Hostetler LLP partner Irving Picard, the court-appointed trustee, filed the complaint Tuesday in the U.S. Bankruptcy Court for the Southern District of New York, alleging 23 counts of financial fraud and misconduct.

The suit claimed that UBS actively assisted Madoff's scheme by serving as the sponsor and administrator of several feeder funds, including Luxalpha...
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