UBS Escapes $2.9B Madoff Feeder Fraud Suit In 2nd Circ.

A federal appeals court rejected a $2.9 billion suit against UBS AG and others on Friday over their role in Bernie Madoff's Ponzi scheme, saying the lower court was correct to take the case out of state court and to find that it lacked the authority to allow the case to proceed further.

UBS had removed the case to federal district court, citing a statute that allows for removal of cases "related to" bankruptcy proceedings like those of Bernie Madoff and his company. (AP) SPV OSUS Ltd., the...

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