We already told you about one small Swiss bank paying back Madoff victims, and now UBS is following suit. Will FGG be next?
FT: UBS has begun to reimburse certain investors in the Luxalpha fund, one of the main European funds affected by the $50bn fraud allegedly orchestrated by US financier Bernard Madoff.
Sofra, the French investor that early this week won a freeze of Luxalpha assets held in a UBS managed account, is expecting to receive its €1m ($1.32m) investment back, said Karine Vilret-Huon, a lawyer representing Sofra and other investors.
Other clients who had either subscribed to Luxalpha or sold shares during November – before news of Mr Madoff’s arrest broke on December 12 – had also received notice that they would be reimbursed, she said.
The moves follow the Luxembourg court ruling on Thursday that UBS should release €30m to French investment group Oddo Cie, whose investment had been sold on November 17.
A UBS spokesman confirmed the bank had repaid Oddo but said he was unaware of other reimbursements.
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