Oddo & Cie, the French asset manager that was due to receive a court-ordered compensation fee of  €30 million ($30 million) from UBS on 16 January, has confirmed to Wealthbriefing that the Swiss giant has paid in full.

Earlier this month, Oddo & Cie took legal action against UBS as the custodian bank of the LuxAlpha American Selection Fund.

The fund had invested all of its assets with alleged fraudster Bernard Madoff, who was arrested on 11 December.

Oddo sold clients’ shares in the fund in November but never received the money. UBS then argued it could not pay out any money after Madoff’s arrest, because all investors had to be treated equally. The bank continued its refusal to pay even after LuxAlpha gave it written permission to do so.

A court in Luxembourg said UBS’s reasoning was “manifestly unjustifiable” and ordered the bank pay Oddo  €30 million on 16 January, with a  €3 million fine for every day it delayed. The bank complied on the date appointed.