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Euro Investors Eyeing UBS, HSBC For Madoff Losses

Law360 (January 8, 2009, 12:00 AM EST) -- European shareholder activist juggernaut the Deminor Group reportedly intends to sue UBS AG, HSBC, Hyposwiss Privatbank AG and other financial institutions for neglecting clients who placed money into investment vehicles run by disgraced fund manager Bernard L. Madoff.

Deminor will file its complaints by the end of the month in courts in Ireland and Luxembourg, where Deminor said the banks maintained funds that funneled investments to Madoff and his alleged $50 billion Ponzi scheme, Reuters reported Thursday.

Febrice Remon, the director of Deminor France, told Reuters...
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