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2nd Circ. Must Reject Investors' Madoff Suit: UBP

Law360 (March 1, 2011, 4:41 PM EST) -- Union Bancaire Privee UBP SA told the Second Circuit on Tuesday that investors should be barred from salvaging a putative class action against the Swiss bank over losses stemming from Bernard Madoff's Ponzi scheme that was dismissed for preemption reasons.

Arguing for the Swiss bank, Herbert M. Wachtell of Wachtell Lipton Rosen & Katz told a panel in the U.S. Court of Appeals for the Second Circuit that investors cannot escape the Securities Litigation Uniform Standards Act no matter how they couch their claims.

While the...
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