European Investors Sue UBS Over Madoff-Linked Fund

Law360, New York (February 11, 2009, 12:00 AM EST) -- European investor rights group Deminor has sued two Luxembourg units of UBS AG in an effort to determine how liable the Swiss bank may be for its role in steering clients to a fund that lost billions by investing in Bernard L. Madoff's alleged $50 billion Ponzi scheme.

Deminor filed the suit Wednesday in Luxembourg against UBS SA and UBS Fund Services, the Luxalpha SICAV fund, Luxembourg Third Party Management Company SA and Access Management Luxembourg SA.

The group said the suit was a “test case,”...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.