At the the heart of the case is whether, under EU law, the country’s financial regulator, CSSF, can invoke professional secrecy to withhold documents from Delandmeter, whom it sanctioned due to his role in a Madoff-linked fund.

Delandmeter’s lawyer told the EU court last week that his client was made a “scapegoat for the Madoff case” when the CSSF said he was no longer a person to be trusted and asked him to resign from companies under the regulator’s supervision.

“We are dealing here with sanctions that were devastating,” Jean-Paul Noesen, Delandmeter’s lawyer, told the EU court.

An adviser to the EU court said she will publish her non-binding opinion about the case on July 26. The court’s final ruling will be binding across the EU and is expected to bring clarity of where regulators must draw the line between professional secrecy and the rights of defense of those they sanction.

Delandmeter and Access co-founder Patrick Littaye have been attacked in several court cases, and together with UBS and the CSSF, have been sued by the liquidators of LuxAlpha, who are trying to collect money for investors.

Frustration is mounting among lawyers like Brouxel, who are working with several hundreds of investors seeking to recoup some of their losses. After 8 1/2 years and masses of legal briefs having passed through the local courts, not a single case has tackled the substance of the whole dispute: who really is to blame for Madoff’s fraud in Luxembourg?

Madoff, 79, who founded his investment firm in 1960, is serving a 150-year prison sentence in the U.S. after pleading guilty in 2009 to running a $17.5 billion Ponzi scheme that took money from new investors to pay old ones.

Wizard of Lies

It was only a matter of time before the improbable story of greed and ignorance grabbed the attention of Hollywood directors. Richard Dreyfuss played the title role in last year’s ABC mini-series ‘Madoff.’ HBO’s ‘The Wizard of Lies,’ opened last month, starring Robert De Niro as the fraudster and Michelle Pfeiffer as his wife, Ruth.

“It is incredibly frustrating,” said  Erik Bomans, a partner with Deminor Group, a Brussels-based adviser that represents more than 4,000 Madoff investors.