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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.

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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