European Madoff Victims Can’t Sue UBS in Luxembourg, Court Says

European victims of Bernard L. Madoff’s Ponzi scheme can’t directly sue custodian banks such as UBS Group AG, Luxembourg’s highest court said. Luxembourg’s Cour de Cassation, in a ruling Thursday, upheld a 2010 decision by a lower court that blocked hundreds of individual claims by investors, telling them they had to rely instead on liquidators’ efforts to recover lost funds. More on Bloomberg Business here.