UBS Escapes BNP's Grasp Over Madoff-Linked €2.5M

Law360, New York (March 4, 2009, 12:00 AM EST) -- French bank BNP Paribas SA has reportedly failed in its quest to force UBS AG to hand over an estimated €2.5 million, unable to hold the Swiss bank liable for purportedly channeling money into funds run by disgraced financier Bernard Madoff.

On Wednesday, a Luxembourg court denied BNP’s two separate requests for an immediate return of the funds, apparently swayed by UBS' claims that it should not be forced to make payments while the Madoff investigation continues, Bloomberg reported.

Madoff stands accused of engineering a $50...
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