Lawyer's Nomination As UBS Chairman Draws Flak

Law360, New York (April 16, 2008, 12:00 AM EDT) -- Former UBS AG chief executive Luqman Arnold has called on the Swiss investment bank's board to search for a credible successor to ousted chairman Marcel Ospel, after opposing the nomination of the bank's top lawyer to the post.

Arnold's U.K.-based fund Olivant Advisers Ltd., which holds a stake in the subprime-battered UBS, released a statement Wednesday urging the board to “commit to a proper search” for an independent chairman, and reiterating its concerns about the proposed appointment of the bank's general counsel, Peter Kurer.

“We consider...
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