2nd Circ. Raises Bar For US Jurisdiction Over Foreign Banks

Law360 (February 23, 2018, 11:33 AM EST) -- On Feb. 9, 2018, the Second Circuit decided SPV Osus Ltd. v. UBS AG,[1] affirming the dismissal of UBS AG and related and unrelated foreign financial management companies from litigation brought by alleged victims of the Madoff fraud. Broadly speaking, the complaint alleged that the defendants, with knowledge of Madoff’s illegal activities, kept his Ponzi scheme alive by sponsoring and promoting “feeder funds” based outside the United States that allegedly funneled billions of dollars to Madoff and his company (Bernard L. Madoff Investment Securities, or BLMIS), resulting...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.