Swiss fund to repay Madoff clients

27th April 2009, Comments 0 comments

Notz Stucki will pay CHF 120 million to clients exposed to Bernard Madoff’s pyramid scheme.

GENEVA - Switzerland-based finance group Notz Stucki said Thursday it would repay CHF 120 million (USD 104 million, EUR 79 million) to its clients exposed to Bernard Madoff’s fraud.

"Notz Stucki group has decided, in solidarity with its clients who have entrusted discretionary management mandates, to compensate part of their losses, for a sum that could reach CHF 120 million," the group said.

It stressed however that this was a "gesture of long-term partnership with its clients that did not imply the responsibility of the group."

Madoff was arrested on 11 December and is to be sentenced on 16 June after pleading guilty to running a USD 50 billion pyramid scheme.

Notz Stucki manages about CHF 10 billion worth of assets, and has offices in Geneva, Zurich, London, Luxembourg, Singapore, Montreal and the Bermudas.

AFP / Expatica

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