UBS pledges not to pursue its former bosses and apologises for huge losses

first_img UBS has apologised for huge losses suffered during the US sub-prime crisis that forced a bailout of the Swiss bank, but refused to take legal action against former executives and board members.UBS lost billions of dollars during the global economic crisis and the confidence of many investors during a long tax row with Washington.The bank has faced public pressure from taxpayers who have had to shoulder the bill for its rescue.Kaspar Villiger, who took over as chairman 19 months ago, apologised for “difficult times” as he presented a transparency report on mistakes made by previous management.The bank has recovered Sfr70m (£45.9m) from former directors or managers who either waived or repaid bonuses or salaries.But Villiger voiced doubts that legal action could have got back more than that and said trying to recover losses through the law would be costly, attract negative publicity and would be distracting.He also said suits against its former staff would reflect negatively in class-action lawsuits being taken in the US against UBS and previous management, because US lawyers see such action as an admission of guilt.Villiger added that none of UBS’s major shareholders indicated they intend to pursue legal action of their own, and that such a step would only weaken the bank’s share price. Tags: NULL KCS-content whatsapp UBS pledges not to pursue its former bosses and apologises for huge losses Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap center_img whatsapp Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryNoteabley25 Funny Notes Written By StrangersNoteableyTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times Show Comments ▼ Thursday 14 October 2010 9:38 pmlast_img

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