Ernst & Young and Swiss bank UBS have been sued by a group of investors in Luxembourg who put money in a fund that directed 95 percent of their assets to Bernard Madoff’s firm.
Ernst & Young’s Luxembourg affiliate had audited Access International Advisors’ LuxAlpha SicavAmerican Selection Fund, which at one time had $1.4 billion in assets, according to Bloomberg News. UBS was the fund’s custodian bank.
The group of approximately 70 investors has filed suit against UBS, Ernst & Young and the directors of the now-defunct fund, which closed following the suicide of Access International CEO Thierry Magon de La Villehuchet. He was found dead in his New York office in February after Madoff’s Ponzi scheme came to light.
Luxembourg’s budget minister is trying to settle the lawsuit out of court.
