UBS wins review of Madoff suits

UBS won review by a Manhattan federal judge of $2.6bn of lawsuits brought by the trustee liquidating Bernard Madoff's firm, at least the fourth time a bank has obtained access to that court. US district judge Colleen McMahon agreed to accept the two UBS lawsuits, which accused the Swiss bank and various “feeder funds” that steered money to Madoff of profiting from and covering up his Ponzi scheme. Her decision is a setback to the trustee, Irving Picard, who has filed roughly 1,050 lawsuits seeking more than $103bn for Madoff's victims, and has been trying to pursue his cases in bankruptcy court.