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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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