Banking & Fintech

UBS faces Madoff-connected lawsuit

French financial group Oddo & Cie has said it is suing Swiss bank UBS in connection with funds invested with accused United States swindler Bernard Madoff.

This content was published on January 14, 2009 - 08:34

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Oddo said on Tuesday it had launched proceedings against Switzerland’s largest bank in Luxembourg. Oddo alleges that it sold shares in the LuxAlpha fund that UBS oversaw a month before the Madoff scandal broke but has not received the money.

It is seeking to recover €30 million (SFr44.57 million).

UBS also ran into trouble in the United States on Tuesday. A judge in Miami formally declared Raoul Weil, the former head of the Swiss bank’s wealth management business, a fugitive after he failed to surrender to US authorities on tax-related charges.

Weil is accused of conspiring with others to help 17,000 Americans hide billions of assets offshore to avoid paying US taxes.

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UBS faces Madoff-connected lawsuit

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