Luxembourg Madoff Investors Were Fully Aware: UBS

Law360, New York (March 19, 2009, 12:00 AM EDT) -- Swiss banking giant UBS AG has fired back at a lawsuit brought by a group of investors tied to a Luxembourg fund that invested heavily with infamous swindler Bernard L. Madoff, claiming that the sophisticated entities involved knew exactly what they were doing.

On Wednesday, approximately 70 investors whose money was funneled into Access International Advisors LLC’s LuxAlpha SICAV-American Selection fund sued custodian bank UBS and auditor Ernst & Young LLP in a Luxembourg court, hoping to recoup some of their losses.

But UBS is not...
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