UBS Starts Paying Back Some Madoff Victims

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.

 


FOR FULL MADOFF COVERAGE, CLICK BERNIE’S FACE >
See Also: A SLIDESHOW OF MADOFF’S VICTIMS HERE >

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