U.S. clients may sue UBP over Madoff losses-paper

* Two U.S. clients of UBP lodge complaint in NY-paper

* Swiss bank may face class action over Madoff losses

* UBP says case has no merit, will defend itself vigorously

ZURICH, July 9 (Reuters) - Union Bancaire Privee, one of Switzerland's largest private banks, is facing further legal action over Madoff-related losses suffered by U.S.-based clients, Swiss newspaper Le Temps reported on Thursday.

The French language daily said two clients of the bank, named as Declan Farrell and Warren Pack, lodged a complaint in a New York court on July 2 against the bank, its UBP Asset Management subsidiary and seven UBP executives that they failed to perform their fiduciary duties, the paper said.

A spokeswoman for UBP told Reuters that the complaint was without merit and the bank would defend itself vigorously.

Le Temps said the complaint is seeking class action status, whereby if the court awards compensation to the complainants, other UBP clients who lost money in the Madoff fraud could also claim compensation without the need for another trial.

A similar complaint was lodged against UBP in Manhattan federal court in May when a U.S. client, Andrea Barron, sued the bank for negligence in a complaint which is also seeking class action status. [ID:nN11539058]

UBP said that complaint was without merit.

(Reporting by Martin de Sa'Pinto; Editing by David Cowell)