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UBS, Ernst & Young Face Luxembourg Test Cases Over Madoff Funds

Reuters as reported that a Luxembourg court will decide in hearings starting today whether investors have the right to bring direct claims against the fund’s custodian and auditor.

The Commission de Surveillance du Secteur Financier, Luxembourg’s financial regulator, last week said it “falls exclusively to the courts” to decide whether banks must pay compensation over their role as depositary.

07:42 Posted in Luxembourg | Permalink | Comments (0)

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