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For Once, UBS Scores A Victory

Encouraging 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.