Madoff trustee sues UBS for $2bn

Lawsuit alleges that the bank allowed Madoff to value assets despite indications of fraud

The trustee recovering money for victims of Bernard Madoff's ponzi scheme is seeking $2bn from UBS through a lawsuit that accuses the Swiss bank of participating in the fraud.

In a lawsuit filed in federal bankruptcy court in New York, trustee Irving Picard alleged 23 counts of financial fraud and misconduct against UBS and related entities.

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