UBS Board decision regarding claims in the subprime and US cross-border matters
Today, the UBS Board of Directors announced that it will not initiate legal action against former senior executives in connection with UBS's subprime-related losses and its former US cross-border business for private clients. The Board took its decision after a thorough review of these matters, which included consultation with external legal experts.
The review concluded that there was no evidence of criminal conduct by former senior executives under Swiss law. Furthermore, there is no indication that they pursued personal interests to the detriment of UBS. Therefore, the UBS Board will not file criminal complaints. In addition, the Board also decided not to pursue any civil action based on director's liability or other grounds.
After careful consideration, the Board has decided that years of uncertainty about these matters due to litigation, the outcome of which would be open at best, and related negative attention from such action is not in the interest of UBS, its employees, clients and shareholders. The Board has drawn a clear line separating from the past and thus strongly marked a new UBS. The new management has already taken comprehensive and profound measures to ensure that nothing like this should ever happen again.
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