Suit Over UBP Madoff Losses Tossed For Preemption

By Erin Coe

Law360, New York (March 11, 2010, 3:43 PM ET) -- A federal judge has thrown out a putative class action alleging Swiss bank Union Bancaire Privee and its officers and directors were liable for hundreds of millions of dollars in losses incurred by its funds in the wake of Bernard Madoff’s massive Ponzi scheme.

Judge Thomas P. Griesa of the U.S. District Court for the Southern District of New York on Wednesday granted a dismissal bid by the bank and the individual defendants, determining that the Securities Litigation Uniform Standards Act and the Martin Act preempted...
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