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.
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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.
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UBS cleared in Madoff case
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A court in Luxembourg said that investors who lost money to the American through a fund set up by UBS cannot seek compensation directly from the bank. It rejected the demands of an initial small group of investors in the LuxAlpha fund who wanted to file individual claims against UBS, rather than having to go…
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United States District Court Judge Denny Chin handed the maximum sentence to the 71-year-old investor, who perpetrated Wall Street’s biggest-ever fraud. The New York court erupted into cheers. Madoff’s lawyers had sought 12 years in prison, while prosecutors wanted the maximum. Chin called the fraud “staggering” and noted that it spanned more than 20 years.…
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The country’s major newspapers mostly expounded on the symbolic nature of the enormous sentence that US District Judge Denny Chin handed to financial criminal Bernard Madoff for swindling $13 billion from more than 13,000 clients since 1995. Total investments in his Ponzi scheme are estimated at $64.8 billion. Indeed, even Chin himself said the sentence…
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If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.