Forex lawsuits filed against UBS

UBS building

UBS said on Tuesday several class action lawsuits relating to a probe into possible manipulation of the foreign exchange market had been filed against it and other banks.

Reuters reports that the actions, filed since November, allege collusion by the defendants, and assert claims under antitrust laws and for unjust enrichment, the Swiss bank said in its quarterly report.

UBS said it had not yet filed a responsive pleading to the actions.

In slides released alongside its quarterly report, the Swiss bank said it expected elevated charges for litigation, regulatory and similar matters through 2014.

To access the complete Reuters article hit the link below:

UBS says class action lawsuits filed against it in forex probe

UBS beats forecasts on tax gain, fewer risks

image: © Martin Abegglen

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