mail@shareholdersfoundation.com
An investor has filed a proposed securities class action lawsuit in the U.S. District Court for the Southern District of New York on behalf of investors, who purchased limited partnership interests in certain investment funds offered and managed by Swiss bank Union Bancaire Privée. According to the complaint the following funds are affected by direct or indirect investments with Madoff, which UBP confirmed in a letter from UBP to UBP investors in December 2008. These funds include, the Funds of Union Bancaire Privée Asset Management LLC: Selectinvest ARV LP (5.79% of its assets allocated to Madoff); Selectinvest ARV II (4.50% of its assets allocated to Madoff); Selectinvest ABF Ltd. (3.91% of its assets allocated to Madoff); and UBP Multi-Strategy Alpha Fund (direct and indirect) (6.92% of its assets allocated to Madoff) as well as the Funds of Swiss bank Union Bancaire Privée: DINVEST – Total Return (3.05% of its assets allocated to Madoff); DINVEST – Concentrated Opportunities (2.31% of its assets allocated to Madoff); DINVEST – Select I (6.51% of its assets allocated to Madoff); DINVEST – Select II (6.32% of its assets allocated to Madoff); DINVEST – Select III (6.35% of its assets allocated to Madoff); DINVEST – Concentrated Opportunities III Equity (4.46% of its assets allocated to Madoff); and TrendSquare I (2.90% of its assets allocated to Madoff).
If you are an investor (US/Non-US) in one or more of the above stated funds you have certain options and you should contact the Shareholders Foundation, Inc immediately at:
Email: mail@shareholdersfoundation.com
Or call us at: +1 (858) 779 - 1554
According to the lawsuit the plaintiff alleges that Union Bancaire Privee, the sons of Bankfounder Edgar de Picciotto, Daniel and Guy de Picciotto, and the other defendants were grossly negligent and breached their fiduciary and 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, and failing to monitor the UBP Funds’ investments with Madoff and BMIS, leading to the loss of a material portion of the UBP Funds’ assets. According to a January 14, 2009 Wall Street Journal article titled “Inside a Swiss Bank, Madoff Warnings:” By early 2007, though, UBP's research department had raised various concerns about Mr. Madoff's business, and later recommended that he be stricken from a list of fund managers approved for its clients' investments, according to people familiar with the matter and internal emails reviewed by The Wall Street Journal, so the lawsuit. The UBP funds 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. The Geneva-based bank has admitted an overall exposure to Madoff of more than 1 billion Swiss francs and 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.
If you are an investor (US/Non-US) in one or more of the above stated funds you have certain options and you should contact the Shareholders Foundation, Inc immediately at:
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
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