UBS Shareholders Vote Against Subprime Audit

Law360, New York (February 27, 2008, 12:00 AM EST) -- Shareholders of investment bank UBS AG will stay out of the firm's books and records after voting down a measure proposed by a shareholder activist group that would have kicked off an investigation into the bank's subprime practices.

At a shareholder meeting on Wednesday, investors in the Swiss bank voted against a request for an audit made by shareholder activist fund Ethos, with 363.77 million shareholders voting against the audit and 314.06 million voting in favor of the probe.

Ethos, which owns 1.5 million UBS shares,...
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