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UBS, Accountant Settle HealthSouth Cases For $250 Million

BIRMINGHAM Ala. – (AP) Swiss bank UBS AG and accounting giant Ernst & Young have agreed to pay $250 million to settle claims over the financial fraud that nearly wrecked HealthSouth Corp., the Alabama-based rehabilitation chain. Federal court documents filed Thursday show UBS insurers will...

Madoff Trustee Sues UBS, Others For $2B

NEW YORK - (AP) The trustee who is trying to recover money for cheated investors in jailed Bernard Madoff's fraud has sued the Swiss bank UBS AG and related entities and individuals after alleging they collaborated in his Ponzi scheme. Trustee Irving Picard announced Wednesday the filing of the...

2nd Circuit: Madoff Trustee Cannot Sue Banks On Behalf Of Customers

NEW YORK - (Mealey's) The Second Circuit U.S. Court of Appeals on June 20 affirmed a district court's ruling that Bernard L. Madoff Investment Securities LLC (BMLIS) trustee Irving H. Picard cannot sue JPMorgan Chase & Co., HSBC Holdings PLC, UBS AG and UniCredit SpA for the banks' alleged...