UBS is oredred to refund 30 million euros invested with Madoff

According to the recent report of Forbes UBS AG’s Luxembourg unit has been ordered to pay Oddo & Cie. 30 million euros 
($39.4 million) from an Access International Advisors LLC fund that had been invested with Bernard Madoff. 

Oddo had sold company shares in the Access International fund on Nov. 4, more than a month before Madoff was arrested. However, it had not received any money. 

Paul Mousel, UBS lawyer, stated “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. Oddo should have made its claim against the fund, not the bank.” 

The complaint filed by the Federal Bureau of Investigation said, Madoff’s firm had collapsed last month after he had told his sons it was a $50 billion Ponzi scheme and just before he was arrested, Madoff told employees he had $200 - $300 million left. 

A 22-page judgment by Luxembourg Judge Monique Feltz said, UBS Luxembourg SA had 24 hours to pay the amount to Oddo’s, or a daily penalty of 3 million euros would be applied. Moreover, the judge ordered the UBS unit to pay Oddo an additional 10,000 euros for procedural costs. 

Source: Forbes