Tuesday, 31 March 2015
Last updated 13 hours ago
Jan 15 2009 | 1:28pm ET
The first verdict in a Bernard Madoff-linked case has come down in favor of one of the alleged fraudster’s victims.
A Luxembourg court today ordered UBS to pay France’s Oddo Asset Management €30 million (US$39.4 million) that Oddo had invested in a Madoff-linked fund to which UBS served as custodian. Oddo had redeemed its investment in Access International’s LuxAlpha Sicav-American Selection hedge fund on Nov. 4, prior to the Madoff scandal breaking. But UBS was careful in filling the redemption, hoping to avoid claims that it inappropriately returned money to investors.
UBS may have thought it was being cautious, but the judge in the case called its attitude “obstinate.” The bank quickly said it would pay Oddo.
“After all, this is not the bank’s money, it’s LuxAlpha’s money,” Paul Mousel, a lawyer for UBS, told Bloomberg News.
Mousel explained that UBS’ position was that Oddo sued the wrong firm in its effort to recoup its investment.
“There’s not a shadow of a doubt that Oddo was due this money, but what was not correct from a legal point of view was for the court to uphold Oddo’s claim directly against UBS,” he said. “Oddo should have made its claim against the fund, not the bank.”
For its part, Oddo did not seem interested in technicalities, calling itself satisfied that “the interests of its clients are being protected.”
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…