Banks and money managers across Europe and the US are coming under increasing pressure to compensate clients who lost money in the alleged fraud by Bernard Madoff, the US broker.
The National Bank of Kuwait has returned $50m to clients, while Spain’s Santander has offered to swap preference shares in the bank for the principal its private clients invested in funds that sent money to Mr Madoff. The 70-year-old allegedly confessed to running a $50bn Ponzi scheme and at least 20 lawsuits have been filed around the world in connection with the case.
Sources familiar with Union Bancaire Privée said the Swiss bank was analysing the legal and financial implications of offering compensation for the €700m ($907m) of client money it put into Madoff feeder funds, including one it ran itself. The investors include institutional and private clients.
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