Mad­off trustee seeks an ad­di­tional $555m from UBS

The Pak Banker - - International3 -

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

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