Man Plans Madoff Lawsuits

Jan 15 2009 | 2:05am ET

The Man Group, burned to the tune of about US$360 million in the alleged Ponzi scheme orchestrated by Bernard Madoff, plans to sue to recoup what they can of that investment.

“We will be suing the people involved,” CEO Peter Clarke told Reuters. “We will be looking for remedies on behalf of our investors. We will take action in conjunction with our institutional investors.”

Man’s fund of funds business, RMF, had about US$360 million of exposure to Bernard L. Madoff Investment securities, both directly and indirectly. But Randal Goldsmith, director of fund research at Standard & Poor’s Fund Services, told Reuters that the London-based firm had not met with the disgraced financier since 2001.

Elsewhere in Europe, French-based Oddo Asset Management has filed a claim in Luxembourg against UBS over a UBS fund that invested with Madoff. Switzerland’s L’Agefi reports that Oddo is seeking the return of some €30 million it invested in the LuxAlpha fund, which in turn invested with Madoff.

UBS served as custodian and administrator of LuxAlpha, as well as managing the fund’s portfolio.

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