UBS CEO says working to settle litigation cases

UBS is working hard to settle litigation cases and hopes to give a further update soon, the Swiss bank's chief executive will tell investors at an annual shareholder meeting on Thursday. 

PHOTO: REUTERS

7 May8:02 PM

[ZURICH] UBS is working hard to settle litigation cases and hopes to give a further update soon, the Swiss bank's chief executive will tell investors at an annual shareholder meeting on Thursday.

"We are working intensively on finding the best possible solutions to a number of important pending cases in the near future, and hope that we will be able to say more on this soon," Chief Executive Sergio Ermotti will tell the bank's annual general meeting, according to prepared remarks.

Zurich-based UBS said on Tuesday it is in advanced talks with the US Department of Justice to settle allegations of foreign exchange market rigging.

REUTERS