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UBS Dealt More Blows By Madoff Trustee
Madoff trustee Irving Picard has amended his $2bn lawsuit against UBS, adding the claim that the bank misled regulators to help hide Madoff's Ponzi scheme. Allegedly, UBS hid its role as the custodian of two feeder funds that brought investors to Bernard L. Madoff Investment Securities before his arrest.
According to the amended complaint, Madoff's scheme wouldn't have succeeded if UBS did not "look the other way and to pretend that they were truly ensuring the existence of assets and trades when in fact they were not and never did."
Picard may be trying to capitalize on a bit of a hot streak he's had in the courts lately. A few days ago he snagged a big win (and a lot of relief) from a federal appeals court that ruled his current approach to calculating investor losses is "legally sound." [Bloomberg, 8/17/11]
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