VIENNA Feb 8 An Austrian court has ruled
against Bank Austria in a case brought by an investor over a
fund linked to Bernard Madoff, the U.S. financier convicted of
Format magazine said on Friday the unnamed investor had
sought more than 60,000 euros ($80,300) for losses from
investing in Herald Fund SPC, which was represented in Austria
by Bank Austria, a unit of Italian lender UniCredit.
Format said the Commercial Court in Vienna found the fund's
prospectus - which Bank Austria was responsible for checking -
was incomplete because it did not make clear that Madoff was
both manager and custodian of fund assets.
A court spokesman confirmed the ruling.
In response to an email enquiry, a bank spokesman said:
"Bank Austria will lodge an appeal against the verdict in the
Herald Fund case." He declined further comment.
Bank Austria has vowed to contest a series of lawsuits over
the Madoff case.
A U.S. federal judge last year dismissed racketeering claims
against UniCredit and Bank Austria, dealing the Italian bank a
victory and the U.S. trustee representing victims of Madoff's
Ponzi scheme a major setback in his quest for compensation for