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UBS faces further demands over Madoff case

Swiss bank UBS is being hit with an additional $555 million (SFr549 million) demand in the United States in connection with the financial scam run by Bernard Madoff.

The second filing against UBS brings total recoveries sought from the Swiss bank to around $2.5 billion.











Irving Picard, the trustee overseeing the liquidation of Madoff’s investment firm, made the additional demand for $555 million in recoveries from UBS at a New York bankruptcy court on Tuesday.

                                                                     

On November 24 the trustee sued UBS and others for more than $2 billion, accusing them of collaborating in Madoff’s Ponzi scheme.  

                                                                      

The trustee had earlier sued JPMorgan Chase to recover $6.4 billion and HSBC for $9 billion.

                                  

Madoff, a former non-executive chairman of the Nasdaq stock market, was arrested at the end of 2008 and charged with securities fraud. He pleaded guilty and was sentenced to 150 years in prison. His multi-billion-dollar scheme ruined many large and small investors. 

swissinfo.ch and agencies


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