Madoff trustee seeks an additional $555m from UBS
BANGALORE: Irving Picard, the court-appointed trustee searching the globe to recover money for defrauded investors of convicted swindler Bernard Madoff, has sought an additional $555 million in recoveries from UBS AG (UBSN.VX)(UBS.N) on Tuesday. Picard filed a complaint with a U.S. court seeking to recover the additional money for distribution to defrauded Madoff customers with valid claims, with an exact amount to be determined at trial.
On Nov 24, the trustee sued UBS and others for more than $2 billion, accusing them of collaborating in the imprisoned swindler's massive Ponzi scheme. The second filing against UBS brings total recoveries sought from the Swiss bank to $2.5 billion.
UBS was accused of sponsoring foreign feeder funds that sent client money to the oncerespected money manager, lending them "an aura of legitimacy" while shielding itself from liability through secret side agreements. The trustee had earlier sued JPMorgan Chase & Co (JPM.N) to recover $6.4 billion and HSBC (HSBA.L) for $9 billion. -Reuters