2nd Circ. Revives UBS Retirement Fund Suit

Law360, New York (February 27, 2013, 10:19 PM EST) -- The Second Circuit on Wednesday reopened a lawsuit against UBS AG over losses an employee retirement fund suffered because the fund bought stock in the bank itself, overturning a finding that such an investment was presumptively reasonable.

The managers of a UBS employee retirement fund known as its Savings and Investment Plan had no obligation to put their money in UBS stock, and their decision to invest employee money in the plan deserves scrutiny, a panel of judges said in a written order. The decision reopens...
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