• 15 Jul 2009 at 11:43 AM

For Once, UBS Scores A Victory

By Greg Michaels

UBS Headquarters.jpgEncouraging signs for UBS have been hard to come by in recent memory. Having lost money, people, and lawsuits with reckless abandon, the firm finally received one piece of good news. French money manager Oddo & Cie will be repaying approximately $42 million to UBS after a Luxembourg court reversed an earlier ruling in favor of the money manager. Oddo argued that UBS’s role as custodian removed any responsiblity stemming from the French firm’s decision to park client money in a fund that invested close to 100% of its money with Bernie Ponzarelli. Leave it to a highly scrutinized tax haven to decide that “serious doubts remain” over the claim that a custodian bank should pay up for someone else’s greed.

Comments (6)

  1. 1
    Posted by guest | July 15, 2009 at 11:45 AM

    UBS still SUCKS

  2. 2
    Posted by guest | July 15, 2009 at 11:50 AM

    @1……indeed

  3. 3
    Posted by guest | July 15, 2009 at 12:46 PM

    ditto.

  4. 4
    Posted by guest | July 15, 2009 at 2:16 PM

    How does greg still have this job??

  5. 5
    Posted by guest | July 15, 2009 at 2:21 PM

    How does greg still have this job??

  6. 6
    Posted by guest | July 15, 2009 at 7:42 PM

    @4, @5, and @blanus guy. Just kill yourself (selves?) already.
    Your comments are worse than anything GM could ever write.
    Thanks,
    The rest of the DB readers.

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