Thanks for your bugreport.
You are correct about the cause for this problem. As a workaround you could set
/etc/apt/sources.list.d/ubunet.list
to root.admin and mode 640.
** Changed in: update-notifier (Ubuntu)
Importance: Undecided => Medium
Status: New => Triaged
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update-notifier doesn't handle secured .list files gracefully
https://bugs.launchpad.net/bugs/269467
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