UBS targeted in $2bn lawsuit over Madoff Ponzi scheme (BBC)

[eppur_se_muova]

Swiss bank UBS is being sued for over $2bn (£1.3bn) amid claims it concealed the Ponzi scheme of fraudster Bernard Madoff that lost clients billions.
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"Madoff's scheme could not have been accomplished unless UBS had agreed not only to look the other way, but also to pretend that they were truly ensuring the existence of assets and trades when in fact they were not and never did," said David Sheehan, a lawyer acting on behalf of the trustee, Mr Picard.

The lawsuit claims UBS and its co-defendents made approximately $80m in fees over several years from their work with Madoff.

UBS "chose to enable Madoff's fraud for their own gain", claimed the trustee, and the bank's involvement gave the fraudster "an aura of legitimacy".
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Mr Picard has filed at least 19 other lawsuits against other feeder funds, and is seeking to recover $17.5bn in total, including the money claimed from UBS.
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more: http://www.bbc.co.uk/news/business-11832653

[dixiegrrrrl]

1. Love it.

wonder who the last bank standing will be?