Former UBS executives are returning $58.3 million in bonus payments, as a result of the banks poor performance, and to appease angry shareholders who are threatening lawsuits against the company.
Like every other bank around the world, UBS was stung by bad bets involving mortage backed securities. After writing down $50 billion from those mistakes, the bank took a $60 billion bailout from the Swiss government. In spite of the repayment of bonuses some shareholders are still angry:
Marketwatch: In a concession to shareholders Kurer also said the bank will allow another investigation into its losses and the role of former executives, including whether it should take legal action against any individuals.
Earlier reports from both UBS and the Swiss Federal Banking Commission found no evidence of individual breaches of duty by any current or previous senior executives, Kurer added.
An external report from an independent legal expert has also indicated “there is currently no actual or legal evidence that would lead one to believe a lawsuit regarding responsibility would be successful against former or present senior executives,” he said.
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