This aticle in French is about UBS facing a probe in Luxembourg.
Feierwon: Le Luxembourg et la Pyramide de Madoff
It is well known that Madoff had its tentacles well spread into the financial center of Luxembourg, About $2.5 billion are said to be lost. Investors by the thousands scrambled in a difficult attempt to get some money back.
Now that they are somewhat organized, Luxembourg authorities launched a criminal investigation. That's bad news: a curious principle edicts that criminal proceedings have precedence over civil matters. The plaintiffs have to wait out the criminal case.
A strange twist is that at the time of the Madoff affair, Luxembourg law didn't cover the aspect of corporate criminal liability. Is the time spent then on criminal proceedings lost time?
Friday, June 18, 2010
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