Madoff Trustee Sues UBS for $2 Billion

The trustee representing investors cheated by Bernie Madoff sued Swiss bank UBS (UBS) for $2 billion. The suit alleges that UBS collaborated with Madoff%u2019s Ponzi scheme, The Associated Press reported. The suit alleges 23 counts of financial fraud and misconduct by UBS and related entities and individuals and seeks to recover $2 billion for Madoff's victims.

UBS Will Not Take Legal Action Over Subprime Losses

Switzerland%u2019s UBS (UBS) will not take legal action against former employees for racking up the massive losses on subprime mortgages that left the company needing a bailout. Kaspar Villiger, the UBS chairman, said that company was looking to the future, according to The Associated Press.