Madoff Trustee Drops Some Claims Against UBS

Law360, New York (July 20, 2011, 3:42 PM EDT) -- The trustee for Bernard L. Madoff's investment firm has dropped nonbankruptcy claims against UBS AG in one of two suits seeking some $2.6 billion from the Swiss bank and its affiliates, a federal judge in New York said Tuesday.

Trustee Irving H. Picard removed the common law claims against UBS in one of the cases in a possible bid to win its return to bankruptcy court. Last week, U.S. District Judge Colleen McMahon granted UBS' request to transfer the suit, along with a related suit filed...
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