Europeans Want Money Lost To Madoff Back
RENEE MONTAGNE, host:
NPR's business news starts with Madoff victims fighting for their money.
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MONTAGNE: It's not only Americans fighting to get back money lost in Bernard Madoff's vast Ponzi scheme. So are many Europeans. French investors, for example, lost an estimated $700 million in funds tied to Madoff. Yesterday, France's top market watchdog pushed the giant Swiss Bank UBS to reimburse investors for their losses. UBS acted as a, quote, "custodial bank" to those funds. But in a statement, UBS said investors and their advisors knew their money was being placed with Madoff, so it's not responsible for the losses.
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