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BREAKING NEWS

UBS off the hook for Madoff billions

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UBS off the hook for Madoff billions

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Investors defrauded by US swindler Bernard Madoff will not be able to pursue Swiss bank UBS for compensation.

They had put their money into the LuxAlpha fund. UBS was the custodian but did not run it.

A court in Luxembourg has ruled that the investors have to try and get their cash back through the fund’s liquidators.

The verdict could have direct implications for many cases pending against UBS involving billions.