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On 25 February 2009, the Luxembourg regulator (CSSF) (Commission de Surveillance du Secteur Financier) took the following decisions towards UBS (Luxembourg) S.A. The CSSF ordered UBS (Luxembourg) S.A.:
to put into place the necessary infrastructure (i.e. all sufficient human and technical means and internal rules in order to carry out all the duties and tasks related to the function of custodian bank of a Luxembourg undertaking of collective investment in... Read MoreWorthless Checks
When a payor writes a check to a payee the check must clear the bank or the payor will be faced with treble damages and attorney's fees.
While this right is not automatic, once the statutorily required predicate letter is sent to the check writer, there is very little which can be done to remedy the situation, short of making good on the worthless check.
It is well settled that a worthless check which ends up in litigation will... Read More
