Class action filed on behalf of a class of all persons and entities who invested in funds offered by Union Bancaire Privée that were invested, directly or indirectly, with Bernard Madoff Investment Securities. The Class includes all persons and entities who acquired and/or held limited partnership interests or other investment interests in the following funds offered by UBP as of December 11, 2008:
- Selectinvest ARV LP
- Selectinvest ARV II
- Selectinvest ABF Ltd
- UBP Multi-Strategy Alpha Fund
- DINVEST – Total Return
- DINVEST – Concentrated Opportunities
- DINVEST – Select I
- DINVEST – Select II
- DINVEST – Select III
- DINVEST – Concentrated Opportunities III Equity
- TrendSquare I
These funds all invested a portion of their assets, directly or indirectly, with Bernard Madoff Investment Securities. The Complaint alleges that defendants, including UBP, UBP Asset Management and certain of their officers breached their fiduciary duties to investors by failing to conduct adequate due diligence prior to investing with Madoff and during the course of the investment. Had the defendants conducted reasonable due diligence, they would have identified red flags indicating that Madoff's purported investment strategy and reported returns were untenable. Upon the disclosure that Madoff was in fact operating a massive Ponzi scheme, UBP informed its investors that the UBP funds invested with Madoff had incurred massive losses.
On March 10, 2010, the district court granted defendants' motion to dismiss. Plaintiff appealed this decision to the Second Circuit and is awaiting the appellate court's decision.
