Legal
French Lawyers Line Up To Sue UBS Over Madoff
A group of French law firms are planning to launch legal action
against
UBS over a Luxembourg-based fund hit by the alleged $50
billion
Madoff fraud, according to Reuters.
The Swiss bank was a custodian for the LuxAlpha fund, which
invested in Madoff-related products and many clients who invested
in LuxAlpha now want their money back, the report says.
"We are going to link up the various teams, co-ordinate our
action and demand that our clients get their money back," a
spokesman for Paris law firm Orrick Rambaud Martel, a member of
the group, told the news service.
Reuters said that UBS declined to comment on the
decision by the Paris law firms to co-ordinate their legal
proceedings against it.
Another Paris law firm, Lartigue-Tournois, which is also involved
in the legal action against UBS said it is seeking information
from French banks who might have marketed the LuxAlpha fund.
