UBS, Galleon, Deutsche Bank, Cazenove in Court News
Thursday, March 4, 2010 : PermalinkBloomberg – UBS AG and Ernst & Young LLP won a Luxembourg court ruling potentially nullifying hundreds of claims by investors who lost money in funds tied to Bernard Madoff’s fraud.
Luxembourg’s commercial court said in a ruling today concerning 10 test cases that investors can’t bring individual lawsuits for damages. “The recovery of the capital assets belongs exclusively to the liquidators” of mutual funds that invested with Madoff, the court said.
