UBS is being sued for more than $2bn (£1.3bn) amid claims it hid fraudster Bernard Madoff's Ponzi scheme while it lost his clients billions.
US lawyer Irving Picard, who is acting as trustee for Madoff's victims, has lodged the case against UBS and associates at a bankruptcy court, the BBC reports. The bank, which has made no comment on the charges, earned fees for promoting and administering Madoff's funds. Madoff claimed high and stable returns for his investment fund over many years, when it was returning only a fraction. He relied on "feeder funds" - such as those managed by UBS - to attract new investor money which he used to pay out the bogus returns to existing investors. Madoff, who was exposed in 2008 an...
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