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  1. Wealth
January 19, 2009

UBS loses Madoff fund case, must repay -30m

By Spear's

UBS has been ordered by a Luxembourg court to pay French fund managers Oddo & Cie EUR 30 million, following a dispute over funds affected by the Madoff fraud. The case could set a precedent for other European fund custodians such as HSBC.

UBS has been ordered by a Luxembourg court to pay French fund managers Oddo & Cie EUR 30 million, following a dispute over funds affected by the Madoff fraud. The case could set a precedent for other European fund custodians such as HSBC.

Oddo sued UBS to recover the money which the firm had indirectly invested with Madoff. UBS was a custodian for the Luxembourg-based LuxAlpha Sicav American Selection fund in which Oddo held clients’ shares.

Oddo sold its clients’ shares in the LuxAlpha fund on 4 November, over a month before the scandal broke on 11 December, but has not yet received the money.

For further details, visit thewealthnet

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