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UBS called to court in Madoff-related case

A group of 80 investors is taking Swiss bank UBS to a Paris court in connection with a Luxembourg fund that invested in companies of jailed financier Bernard Madoff.

The investors, who lost all their money, accuse the bank of irresponsibility in presenting its Luxalpha fund as relatively safe and failing to mention the Madoff connection.

A lawyer representing them said they had good reason to demand compensation after being “deceived” by UBS. They are asking for €100,000 (SFr142.900) each.

A first hearing has been set for May 25.

Earlier this month, a court in Luxembourg ruled that UBS could not be held responsible for funds it managed in Luxalpha tied to fraudulent schemes of Madoff.

It rejected the demands of an initial small group of investors who wanted to file individual claims against UBS, rather than going through the fund’s liquidators.

Madoff, a former non-executive chairman of the Nasdaq stock market, is serving a 150-year jail term in the United States after pleading guilty last year to a multi-billion-dollar scheme that ruined large and small investors.

swissinfo.ch and agencies


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