Bloomberg News reports that Luxembourg’s Cour de Cassation, in a ruling Thursday, upheld a 2010 decision by a lower court that blocked hundreds of individual claims by investors, telling them they had to rely instead on liquidators’ efforts to recover lost funds.
'European investors did not have a fair chance of defense in this case, the Luxembourg courts having decided to block the investors’ actions for procedural reasons', said Edouard Fremault, a senior analyst at Deminor International, which advises more than 4,500 investors with losses in Madoff-linked funds. 'How can European authorities expect financial institutions to better behave with this ?'.
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