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Commission de Surveillance du Secteur Financier, Luxembourg’s financial regulator, accused UBS of “serious failure” yesterday as part of its investigation into investments that funds based in Luxembourg made in Bernard Madoff’s alleged $50 billion Ponzi scheme. The Times Online reports that the regulator particularly criticized UBS’ weak due diligence with respect to its custodianship of […]
On Thursday, a Luxembourg judge ordered Swiss bank UBS to repay €30m ($39m) to Oddo Asset Management, a French company that had invested in funds linked with Bernard Madoff. Oddo successfully argued that although its investment in the Luxalpha fund set up by UBS had been sold on November 17 – roughly a month before […]