BCV rejects lawsuit claim of trustee responsible for recovering profits linked to Madoff affair.

Following the announcement of a lawsuit filed in New York against BCV concerning efforts to recover profits linked to the Madoff affair, BCV wishes to state the following:

1. BCV was informed of the lawsuit filed yesterday in New York but has not been served official notice.
2. This lawsuit has been filed as part of the US trustee’s strategy to recover the greatest amount possible from hundreds of different financial institutions across the world. This questionable strategy has already been rejected on grounds of both form and substance in several court rulings. Furthermore, the trustee’s methods have recently been the subject of controversy in numerous articles in the media.
3. The claim, which amounts to approximately USD 10m, involves investors who redeemed their shares in Madoff funds via BCV. It therefore does not concern the Bank directly, as BCV has never held proprietary positions in Madoff funds.
4. BCV strongly rejects the grounds of this lawsuit and does not consider there to be any risks relating to this case.
5. As legal proceedings are underway, BCV will make no further comment on this matter.

Contact(s)

Christian Jacot-Descombes, Press Officer
Phone +41 79 816 99 30
E-mail

Gregory Duong, Investor Relations Officer
Phone + 41 21 212 20 71
E-mail