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25 February 2024

Lawyers acting for European Madoff victims to sue banks

Ponzi scheme orchestrator Bernard Madoff, shortly before authorities placed him on detention in his New York home. (REUTERS)

Lawyers for European investors who lost millions in the collapse of Madoff-linked funds say they will target banks that acted as intermediaries for those funds.

Brussels-based Deminor International says it believes banks such as UBS AG, HSBC PLC and Bank Medici may be liable for some of the losses because they failed in their duty of care to investors.

The law firm says it will also examine the role of the funds’ auditors.

Deminor says it has been contacted by about 100 individual and institutional investors who between them had hundreds of millions of dollars in Madoff-linked funds.

Deminor partner Erik Bomans said in a Web-cast on Wednesday that the funds appeared to have broken fundamental European financial rules.