European Court Nixes UBS Suit Over Madoff Plot

Law360, New York (March 4, 2010, 4:16 PM EST) -- A Luxembourg court has dismissed claims brought by European investors against units of UBS AG and auditing firm Ernst & Young over losses from Bernard L. Madoff’s multibillion-dollar Ponzi scheme, asserting that only liquidators for the fund that invested with the fraudster can bring the allegations.

Investor services group Deminor on Thursday announced the ruling, which was issued the same day in the Tribunal d’Arrondissement de Luxembourg and found claims brought by individual investors in the so-called Luxalpha fund against UBS and the auditing firm to...
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