October 24, 2012 (Update) -- Proposed $6,900,000 settlement. According to the Notice:
Description of the Action and Class: This Notice relates to a proposed settlement of claims in a class action lawsuit alleging that Defendants mismanaged Selectinvest ARV LP and other funds offered or managed by UBP or its affiliates and subsidiaries (the “UBP Funds”) by investing a portion of the collective assets of each of the UBP Funds with certain “feeder” hedge funds, including Ascot Partners L.P. (the “Ascot Fund”), which in turn placed their assets solely or primarily under management with Bernard L. Madoff Investment Securities LLC, an investment advisory service founded by Bernard L. Madoff. The proposed Settlement, if approved by the Court, will settle claims of all persons and entities who held limited partnership interests in Selectinvest ARV LP as of December 11, 2008 and were damaged thereby except for: (a) certain persons and entities affiliated with the Defendants that are excluded from the class by definition (see paragraph 23 below), (b) persons and entities that previously submitted a release of claims concerning Selectinvest ARV LP’s investment in the Ascot Fund (see paragraph 24 below), and (c) persons and entities that validly elect to exclude themselves from the class (see paragraphs 61 to 63 below) (the “Settlement Class”).

The Settlement Consideration: Subject to Court approval, and as described more fully below, Plaintiff, on behalf of herself and the other members of the Settlement Class, has agreed to settle all claims asserted against Defendants in the Action by Settlement Class Members in exchange for a settlement payment of $6,900,000 in cash (the “Settlement Amount”) to be deposited into an escrow account. The Settlement Amount together with any interest earned thereon while on deposit in the escrow account is referred to as the “Settlement Fund”. The “Net Settlement Fund” (the Settlement Fund less Taxes, Notice and Administration Costs, and any attorneys’ fees and Litigation Expenses awarded by the Court) will be distributed in accordance with a plan of allocation that must be approved by the Court, and which will determine how the Net Settlement Fund shall be allocated among members of the Settlement Class. The proposed plan of allocation (the “Plan of Allocation”) is set forth on pages 6 - 7 below. Defendants are not obligated to pay Plaintiff or any other Settlement Class Member any amount over and above the Settlement Amount in connection with the Settlement.

May 12, 2009 -- An investor in Union Bancaire Privee (UBP) Funds has filed a proposed securities class action lawsuit on behalf of her and other UBP investors who lost money with Madoff in the U.S. District Court for the Southern District of New York against private Swiss bank Union Bancaire Privee management subsidiary executives, including managing partner, chief investment officer and co-president Roman Igolnikov over alleged breach of fiduciary duty and grossly negligence with over investments through feeder funds in connection the $65Billion Bernard L. Madfoff Ponzi Scheme/Fraud. The investor made investments in UBP funds beginning in September 2004 and made no withdrawals. The Geneva-based bank has admitted an overall exposure to Madoff of more than 1 billion Swiss francs.

The UBP funds reportedly gained exposure to Mr. Madoff through at least four intermediaries, including Fairfield Sentry. The other intermediaries were Ascot Fund Ltd., run by Mr. Merkin of GMAC; and Kingate Global Fund Ltd., run by FIM Advisers LLP of London. UBP also invested through M-Invest Ltd., a Cayman Islands vehicle the bank created. According to the complaint the plaintiff alleges that defendants were grossly negligent and breached their fiduciary and other professional duties by failing to perform adequate due diligence into Madoff and BMIS, despite the existence of numerous red flags, including explicit warnings from UBP's own research team . After UBP admitted an overall exposure to Madoff of more than 1 billion Swiss francs, the bank offered in March to buy back its clients' exposure to Madoff and Bernard L. Madoff Investment Securities LLC for 50% of the original cost. However, they had to agree to remain with the bank for five years and promise not to sue. Madoff, 71, pleaded guilty in March, is jailed awaiting sentencing in June, and faces to spend the rest of his life in prison. The complaint is seeking damages, including the return of management fees.