No Proof Execs Misled Investors On $2.3B Loss, UBS Says

Law360, New York (March 27, 2013, 2:29 PM EDT) -- UBS AG on Tuesday urged a New York federal judge to toss a proposed shareholder class action prompted by $2.3 billion in company losses attributed to a rogue trader since convicted of fraud, saying there’s no evidence that executives intentionally misled investors.

In its motion to dismiss, the firm accused pension plans that brought the suit of failing to show management knew of wrongdoing by ex-trader Kweku M. Adoboli, whose highly leveraged bets badly bruised UBS’ bottom line and were blamed for causing shares to tumble...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.