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The risky jurisdiction for investors

Bloomberg has reported that  UBS AG’s Luxembourg affiliate won a bid to overturn a ruling that had forced it to pay a unit of French money manager Oddo & Cie 30 million euros ($42 million) from a fund that had directly invested with Bernard Madoff.

By the way, what did state the ALFI before the EFAMA in January?

"The first Luxembourg court ruling concerning the Madoff-Luxalpha affair (the ruling on the ODDO case) has shown that the Luxembourg courts are ready to make rapid, firm decisions in favour of investors". ALFI added "even though the legal basis in this specific case does not apply to all investors (ODDO had asked to redeem its shares before the fraud was uncovered)."

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06:20 Posted in Luxembourg | Permalink | Comments (0)

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