UBS Unit, Others Want $2B Madoff Clawback Suit Nixed

Law360, New York (April 30, 2012, 8:28 PM EDT) -- UBS (Luxembourg) SA and other defendants moved Monday to dismiss Bernard L. Madoff Investment Securities LLC liquidating trustee Irving Picard's $2 billion clawback suit against them, saying the trustee has gone too far in suing the overseas defendants.

Picard is seeking to "stretch this court's territorial jurisdiction beyond its constitutional limits" in filing suit against UBSL, UBS Fund Services (Luxembourg) SA, UBS Third Party Management Co. SA and four director defendants, they argue in a memorandum in support of their motion to dismiss the suit from...
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