Dexia Private Banking Luxembourg is compensating victims of Bernard Madoff who invested in the Rafale Partners hedge fund on a case by case basis, according to the French daily publication La Tribune, citing no sources.

The unit is offering compensation ranging from 15 per cent to 80 per cent of the amount invested, according to the daily newspaper. The report was translated by Bloomberg.

Dexia Private Banking Luxembourg declined to comment, La Tribune said.

The Madoff Ponzi scheme scandal continues to affect the world’s wealth management industry. In early March, UBS scored an important victory after a Luxembourg court ruling that nullified hundreds of claims by investors who lost money in funds affected by the Madoff fraud. The ruling was also a victory for the accountancy firm, Ernst & Young, which was involved in the case.