Madoff victims can't sue in Luxembourg

Bernie Madoff

European victims of Bernard L. Madoff’s Ponzi scheme can’t directly sue custodian banks such as UBS, Luxembourg’s highest court said.

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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European Madoff Victims Can’t Sue UBS in Luxembourg, Court Says

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