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French firm Oddo sues UBS over Madoff affair
PARIS |
PARIS (Reuters) - French financial services group Oddo & Cie said on Tuesday it is suing Swiss bank UBS as Oddo seeks to recover 30 million euros ($39.9 million) invested with accused U.S. swindler Bernard Madoff.
An Oddo spokesman in Paris said his company had launched legal proceedings against UBS in Luxembourg.
UBS was a custodian for the Luxembourg-based LuxAlpha fund in which Oddo held clients' shares. Some clients of UBS invested in Madoff-related products via the LuxAlpha fund.
Oddo sold the shares it held for its clients in LuxAlpha on November 4 -- a month before the Madoff scandal broke -- but has not received the money, the Oddo spokesman said.
UBS declined to comment on Oddo's lawsuit.
($1=.7520 Euro)
(Reporting by Pascale Denis, additional reporting by Elisabetta Jucca; Editing by Erica Billingham)
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