Union Bancaire Settles After Madoff Trustee Sues ‘Net Winners’
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Union Bancaire Privee, a private Swiss bank accused of profiting from Bernard Madoff’s fraud, agreed to pay as much as $500 million to settle claims by the trustee liquidating the con man’s bankrupt investment firm.
Under the settlement, which must be approved by a bankruptcy judge, UBP will pay $470 million to benefit Madoff’s victims. The deal provides for an additional payment of as much as $30 million, according to court papers.