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A group of campaigners is urging the U.S. Department of Labor to revoke UBS's exemption allowing it to operate in the American pension market, citing the bank's history of nearly 100 offenses and $20 billion in penalties since 2000. UBS, which has submitted a 500-page application to extend its exemption, argues that issues stem from individual staff actions. Recent legal troubles include a significant fine in France for tax evasion and involvement in an antitrust lawsuit related to interest rate swaps.
UBS is facing challenges in renewing its exemption to manage U.S. pension funds due to scrutiny from tax activists, who allege the bank's structures facilitate criminal behavior. The bank has a history of significant fines, totaling around $20 billion for nearly 100 offenses since 2000, raising concerns about accountability. Following its acquisition of Credit Suisse, UBS has inherited ongoing legal issues, including a notable criminal conviction against Credit Suisse for organizational deficiencies.
UBS is facing opposition from tax activists regarding its dealings with US pension funds, as it seeks an extension of a prohibited transaction exemption. Concerns have been raised about the bank's history of criminal behavior, with UBS having paid around $20 billion in penalties for nearly 100 offenses since 2000. Following its acquisition of Credit Suisse, UBS also inherited ongoing legal issues, including a conviction related to organizational deficiencies at Credit Suisse.
Activists are urging the U.S. Labor Department to revoke UBS's exemption allowing it to manage U.S. pension assets, citing the bank's history of nearly 100 crimes and $20 billion in penalties since 2000. UBS, which recently applied to extend its exemption, argues that past issues were due to individual employees. The bank has faced significant legal challenges, including a conviction in France for tax evasion and a settlement in an antitrust lawsuit.
A group of campaigners is urging the U.S. Department of Labor to revoke UBS's exemption from regulations that allow it to manage American pension assets, citing the bank's history of nearly 100 offenses and $20 billion in penalties since 2000. UBS, which has submitted a 500-page application to extend its exemption, argues that past issues were due to individual staff actions. The bank has faced significant legal challenges, including a €4.5 billion fine in France for tax evasion and a $46 million settlement over antitrust allegations.
Activists are lobbying the U.S. Department of Labor to revoke UBS's exemption from regulations that allow it to operate in the U.S. pension market, citing the bank's history of nearly 100 offenses and $20 billion in penalties since 2000. UBS, which has faced significant fines for tax evasion and collusion, is seeking to extend its exemption, which expired in June. Critics argue that the financial penalties are insufficient to deter criminal behavior, as they often prove more profitable than the fines incurred.
James Henry
People
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