Madoff fraud – newsflash – 30.07.2014

In the context of the Madoff fraud, an important judgment was handed down by the Luxembourg Court of Appeal on 15 July 2014 in relation to the Sicav LUXALPHA. The appeal judgment largely confirms the legal developments of the first instance judgment of the District Court dated 4 March 2010. It is i.a. confirmed that shareholders of a Luxembourg UCITS have no direct claim against the depositary bank on the basis of Article 36 of the Law of 20 December 2002 on undertakings for collective investment. Read more about the Madoff fraud in the document below