UBS Clawback Suit Moved Back To Bankruptcy Court

Law360, New York (March 12, 2012, 9:34 PM EDT) -- After being halved in New York district court, the Bernard L. Madoff Investment Securities LLC trustee’s $2 billion suit against UBS AG on Monday moved back to bankruptcy court, where the trustee and the bank will fight out the remaining clawback claims.

U.S. District Judge Colleen McMahon — who in November dismissed Madoff trustee Irving Picard’s common law claims of fraud, breach of fiduciary duty, unjust enrichment and conversion, among others, against the Swiss bank — ordered the remaining $1 billion in clawback claims back to...
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