UBS Accused Of Hindering By Madoff Liquidators

Liquidators for the LuxAlpha Sicav-American Selection have accused UBS, the custodian of the fund, of hindering demands to transfer the remains of the fund to a neutral bank
By None

Liquidators for the LuxAlpha Sicav-American Selection have accused UBS, the custodian of the fund, of hindering demands to transfer the remains of the fund to a neutral bank.

UBS is also under pressure from a U.S based liquidator of Bernard L. Madoff Investment Securities to preserve his legal rights.

According to a Reuters report, Francois Kremer, a lawyer for UBS said at a hearing between the two parties: Were caught in between chairs If we give the money to the Luxembourg liquidators, UBS may end up having to pay the U.S. trustees a second time out of its own pocket.

LuxAlpha Sicav-American Selection invested about 95% of the fund with Madoff. On 17th November the fund has USD1.7billion in net assets. At present, this is around USD51.5 million.

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