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March 31, 2010

E&Y faces Luxembourg suit over Madoff fund

Ernst & Young (E&Y) faces a
fresh legal challenge from the liquidator of the Luxembourg
Investment Fund, which lost $426m in the Madoff scandal.

E&Y, the fund’s auditor, and
UBS, its custodian bank, are being sued by court appointed
liquidator Alain Rukavina because he claims UBS should not have
handed over investor assets to Madoff. Luxembourg Investment Fund
had $419m in assets before Madoff’s investment firm collapsed
following his December 2008 arrest. It was among 17 Luxembourg
funds forced to suspend customer redemptions due to Madoff-related
losses. The fund was dissolved in April.

Rukavina is one of two liquidators who in December sued UBS and
E&Y over Access International Advisors LuxAlpha Sicav-American
Selection Fund, which once had $1.4bn in net assets.

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