Reported Earlier, 'UBS Near Settlement In Credit Suisse $1.5B Tuna Bond Case' - BNN Bloomberg
Portfolio Pulse from Benzinga Newsdesk
UBS Group AG is nearing a settlement with the Mozambique government over Credit Suisse's role in a ship-financing scandal. The case is part of the legal troubles UBS inherited from its rescue of Credit Suisse. The settlement would avoid a 13-week long London trial. The case alleges that Credit Suisse ignored red flags and corruption in deals intended to fund a new coastal patrol force and tuna fishing fleet in Mozambique. The trial will still proceed with Privinvest, the shipbuilder, as a defendant.
September 28, 2023 | 6:26 pm
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UBS is nearing a settlement in a legal case inherited from Credit Suisse, potentially avoiding a lengthy trial. This could reduce legal uncertainties for the bank.
Settling the case would mean UBS can avoid a lengthy and potentially damaging trial, reducing legal uncertainties and potential financial liabilities. This could have a positive impact on the bank's stock in the short term.
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