A win for UBS in job cuts case

UBS has won a London lawsuit filed by an asset management firm that said that investment banking job cuts at the bank undermined a joint venture.

Bloomberg News reports that Judge Michael Burton dismissed the claim in a ruling in London on last week.

Decura IM Investments LLP, founded by ex-Goldman Sachs partner Vishal Gupta, was seeking as much as $167m over the disputed hedge fund venture.

During a trial last year, Decura argued that cuts at the bank damaged its ability to market Decura products. UBS has cut about 2,400 jobs at its investment banking unit since late 2012 and is exiting most debt-trading activities while focusing on its wealth management business.

Burton said in the ruling that he wasn’t satisfied that the cuts hindered UBS’s ability to market Decura’s products.

Hit the link below to access the complete Bloomberg News article:

UBS Wins Lawsuit Filed by Decura Over Hedge-Fund Venture

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