A Luxembourg court has ordered UBS to release documents to investors who are trying to prove that the bank holds partial liability for losses in funds tied to Bernard Madoff.
In another case, Judge Brigitte Konz told the bank that hand over a contract with the LuxAlpha Sicav-American Selection Fund, which uses UBS as custodian. UBS has yet to release a formal statemant.
At the end of February, UBS had success in the Luxembourg courts, winning a ruling in a lawsuit filed by Banca Intermobiliare SpA (BIM). BIM had demanded the release of USD6.5 million from a fund that had invested in Madoff. The court said BIMs claims were unfounded. Regarding the case, a UBS spokesperson said: “We are pleased with the decisions of the Court.”