A court has ruled that UBS will not have to pay KBL Richelieu and La Mondiale $4 million from an Access International Advisors fund that was invested with Bernard Madoff, according to Bloomberg.
Judge Frederic Mersch’s ruling takes a different line to one by a different judge in a similar case at the court last month, when UBS was ordered to return 30 million euros ($37.8 million) to French fund manager Oddo & Cie. The weeks since Madoff’s arrest have roiled Luxembourg as funds disclosed losses and investors filed lawsuits to uncover who may owe what to whom.
JT