French firm Oddo sues UBS over Madoff affair

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French firm Oddo sues UBS over Madoff affair
Tue Jan 13, 2009 5:28pm GMT STOCKS NEWS EUROPE-UK Small Caps close 1.2 percent weaker
PARIS, Jan 13 (Reuters) - French financial services group Oddo & Cie said on Tuesday it is suing Swiss bank UBS (UBSN.VX)(UBS.N) as Oddo seeks to recover 30 million euros ($39.9 million) invested with accused U.S. swindler Bernard Madoff.

An Oddo spokesman in Paris said his company had launched legal proceedings against UBS in Luxembourg.

UBS was a custodian for the Luxembourg-based LuxAlpha fund in which Oddo held clients' shares. Some clients of UBS invested in Madoff-related products via the LuxAlpha fund.

Oddo sold the shares it held for its clients in LuxAlpha on Nov. 4 -- a month before the Madoff scandal broke -- but has not received the money, the Oddo spokesman said.

UBS declined to comment on Oddo's lawsuit. ($1=.7520 Euro