UBS to Face Another Lawsuit for Inadequate Consideration

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UBS to Face Another Lawsuit for Inadequate Consideration

Zacks2023-08-15

Since UBS Group AG’s UBS emergency takeover of Credit Suisse, it has been facing legal hassles and operational challenges. Per a Financial Times article, individual shareholders and former employees ...

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Per a Financial Times article, individual shareholders and former employees ...</p>\n\n<a href=\"https://finance.yahoo.com/news/ubs-face-another-lawsuit-inadequate-132500591.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"WFC","symbol_name":"富国银行","start_time":0,"source_url":"https://finance.yahoo.com/news/ubs-face-another-lawsuit-inadequate-132500591.html","article_id":"2359784503","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/_L8rg5z51x8JJKpu0GKglw--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/b7bb4f736664e55f42e44a6643a3724c"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2359784503","pubTimestamp":1692105900,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Since UBS Group AG’s UBS emergency takeover of Credit Suisse, it has been facing legal hassles and operational challenges. 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Since financial regulators had decided to withdraw shareholders’ voting rights regarding the acquisition, the only resort was to move to the court.UBS Group AG’s shares have gained 5.8% on NYSE over the past six months compared with the industry’s growth of 0.4%.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"WFC":"富国银行","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","BK4553":"喜马拉雅资本持仓","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU0971096721.USD":"富达环球金融服务 A","BK4534":"瑞士信贷持仓","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU0149725797.USD":"汇丰美国股市经济规模基金","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","IE0034235071.USD":"PINEBRIDGE EUROPE RESEARCH ENHANCED EQUITY \"A\" (USD) ACC","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","UBS":"瑞银","USB":"美国合众银行","BK4559":"巴菲特持仓","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","BK4020":"通信设备","BAC":"美国银行","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","BK4118":"综合性资本市场","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","LU0106831901.USD":"贝莱德世界金融基金A2","OCC":"Optical Cable Corporation","BK4581":"高盛持仓","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","BK4504":"桥水持仓","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU0251142724.SGD":"Fidelity America A-SGD","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC"},"translate_title":"瑞银将面临另一场对价不足的诉讼","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BAC":1,"USB":1,"UBS":1,"OCC":1,"WFC":0.9},"content_text":"Since UBS Group AG’s UBS emergency takeover of Credit Suisse, it has been facing legal hassles and operational challenges. Per a Financial Times article, individual shareholders and former employees of Credit Suisse are expected to lodge a claim in Zurich’s commercial court.\nThe claim is likely to be filed by the Swiss Investor Protection Association on behalf of around 500 retail investors who have suffered losses due to the transaction.\nIn March 2023, in government-backed efforts to fend off panic in the global banking system, UBS had agreed to acquire Credit Suisse in an all-stock deal valued at $3.2 billion. Following the acquisition, Credit Suisse shareholders received one UBS share for every 22.48 outstanding shares held.\nEarlier, UBS faced a class action suit by former shareholders of Credit Suisse who suffered damages due to an inappropriate exchange ratio. Since financial regulators had decided to withdraw shareholders’ voting rights regarding the acquisition, the only resort was to move to the court.\nThe deal value was less than half of Credit Suisse’s market value calculated which was based on the last trading day before the deal closure.\nApart from these lawsuits, UBS has been constantly facing challenges and legal claims regarding this deal. Earlier, as a result of this acquisition, Credit Suisse's additional tier 1 bonds were all written down to zero. Hence, such troubled bondholders’ have also been claiming compensation for their loss.\nNonetheless, UBS has been making progress on its integration of Credit Suisse. Last week, UBS announced the voluntary termination of its Loss Protection Agreement and Public Liquidity Backstop, which were offered by the Swiss government on the acquisition of Credit Suisse. Additionally, in an attempt to restore financial stability, the Emergency Liquidity Assistance Plus (ELA+) loan was fully repaid by Credit Suisse as of Aug 10, 2023.\nUBS Group AG’s shares have gained 5.8% on NYSE over the past six months compared with the industry’s growth of 0.4%.\nImage Source: Zacks Investment Research\nUBS carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\nMisconduct by Other Firms\nBank of America BAC has been hit with substantial financial penalties that amount to $250 million. This includes $100 million in customer reimbursements and $150 million in fines due to a trio of unsavory practices involving overdraft fees, withholding credit card rewards and opening unauthorized accounts.\nConsumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) have levied this colossal fine after BAC's actions were deemed illegal and a detriment to customer trust. The bank must refund $100 million to affected customers and pay $90 million to CFPB and $60 million to OCC.\nWells Fargo & Company WFC agreed to pay $1 billion related to a lawsuit accusing it of overstating the progress on resolving its 2016 fake account scandal and thereby defrauding shareholders. Since 2018, WFC has been under consent orders from Federal Reserve and two other financial regulators to improve its governance and oversight.\nBut shareholders alleged that Wells Fargo and its past management misinformed them about how swiftly the company was addressing the governance issues and risk-management systems due to which the bank opened millions of fake accounts. Accordingly, when these shortcomings surfaced, WFC's market value fell by more than $54 billion over two years ending in March 2020.\nHowever, Wells Fargo denied any wrongdoing and decided to settle to eliminate further litigation expenses.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nBank of America Corporation (BAC) : Free Stock Analysis Report\nWells Fargo & Company (WFC) : Free Stock Analysis Report\nUBS Group AG (UBS) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}