mail@shareholdersfoundation.com
SAN DIEGO, CA (Shareholders Foundation) -- An investor in Union Bancaire Privee (UBP) Funds has filed a proposed securities class action lawsuit on behalf of her and other UBP investors who lost money with Madoff in the U.S. District Court for the Southern District of New York against private Swiss bank Union Bancaire Privee management subsidiary executives, including managing partner, chief investment officer and co-president Roman Igolnikov over alleged breach of fiduciary duty and grossly negligence with over investments through feeder funds in connection the $65Billion Bernard L. Madfoff Ponzi Scheme/Fraud. The investor made investments in UBP funds beginning in September 2004 and made no withdrawals. The Geneva-based bank has admitted an overall exposure to Madoff of more than 1 billion Swiss francs.
If you are an investor in the Union Bancaire Privee Funds you have certain options and you should contact the Shareholders Foundation, Inc immediately!
Email: mail@shareholdersfoundation.com
Or call us at: +1 (858) 779 - 1554
The UBP funds reportedly gained exposure to Mr. Madoff through at least four intermediaries, including Fairfield Sentry. The other intermediaries were Ascot Fund Ltd., run by Mr. Merkin of GMAC; and Kingate Global Fund Ltd., run by FIM Advisers LLP of London. UBP also invested through M-Invest Ltd., a Cayman Islands vehicle the bank created. According to the complaint the plaintiff alleges that "defendants were grossly negligent and breached their fiduciary and other professional duties by failing to perform adequate due diligence into Madoff and BMIS, despite the existence of numerous red flags, including explicit warnings from UBP's own research team". After UBP admitted an overall exposure to Madoff of more than 1 billion Swiss francs, the bank offered in March to buy back its clients' exposure to Madoff and Bernard L. Madoff Investment Securities LLC for 50% of the original cost. However, they had to agree to remain with the bank for five years and promise not to sue. Madoff, 71, pleaded guilty in March, is jailed awaiting sentencing in June, and faces to spend the rest of his life in prison. The complaint is seeking damages, including the return of management fees.
If you are an investor in the Union Bancaire Privee Funds you have certain options and you should contact the Shareholders Foundation, Inc immediately!
Email: mail@shareholdersfoundation.com
Or call us at: +1 (858) 779 - 1554
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-
Fax:+1-(858)-
mail@shareholdersfoundation.com
www.ShareholdersFoundation.com
____________________________________________________________
Photo:
http://www.prlog.org/
