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French Lawyers Line Up To Sue UBS Over Madoff

Stephen Harris

19 January 2009

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.