More than five years after Bernard Madoff's massive Ponzi scheme was uncovered, most European victims of the scam are still waiting to recoup some of their losses. Recovery efforts by lawyers representing Madoff's European investors, most of whom were exposed through funds, are concentrated in Luxembourg, the world's second-largest fund market. At least 17 funds, including Access International Advisors' LuxAlpha Sicav-American Selection and Luxembourg Investment Fund, were forced to suspend customer redemptions after Madoff's arrest. Dozens of lawsuits filed in the Grand Duchy against the custodians overseeing the funds, including HSBC and UBS, have stalled. The banks have used procedural tactics to delay final decisions, according to lawyers and advisers representing the investors. Questions over the banks' liability are at the heart of the lawsuits. Investors argue that the banks, as custodians, failed to protect their assets.