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UBS may have cost former and current employees millions of dollars and breached its fiduciary duties to these employees in the administration of UBS-sponsored retirement plans.
Investigation Source
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Retirement Asset
- Investment Advisor Duties
Product or Service
- Retirement Plan
Injury Type
- Monetary Loss
Investigation Details
Investigation and potential class action against UBS on behalf of participants and beneficiaries of the UBS Savings and Investment Plan (the 'Plan').
The investigation focuses on whether UBS violated the Employee Retirement Income Security Act of 1974, as amended ('ERISA'), by breaching UBS' fiduciary duties of loyalty and prudence to the Plan's participants and beneficiaries. Such a breach may have occurred if UBS failed to manage the assets of the Plan prudently and loyally, by investing the assets in UBS stock at a time when it was no longer a prudent investment for participants' retirement savings. Specifically, Plan administrators and fiduciaries continued to invest in UBS stock despite the Company's apparent mismanagement of the risk of assets held by the Company and its gross failure to maintain adequate capital and liquidity.
The investigation focuses on whether UBS violated the Employee Retirement Income Security Act of 1974, as amended ('ERISA'), by breaching UBS' fiduciary duties of loyalty and prudence to the Plan's participants and beneficiaries. Such a breach may have occurred if UBS failed to manage the assets of the Plan prudently and loyally, by investing the assets in UBS stock at a time when it was no longer a prudent investment for participants' retirement savings. Specifically, Plan administrators and fiduciaries continued to invest in UBS stock despite the Company's apparent mismanagement of the risk of assets held by the Company and its gross failure to maintain adequate capital and liquidity.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| UBS AG (UBS) | UBS AG provides a range of financial products and services worldwide |