Keller Rohrback has commenced an investigation against UBS for potential violations of the Employee Retirement Income Security Act, as amended. The investigation focuses on investments in UBS stock by the UBS Savings and Investment Plan.
Keller Rohrback’s investigation involves concerns that UBS and other administrators of the plan may have breached mandatory fiduciary duties of loyalty and prudence to participants and beneficiaries of the plan, under the Employee Retirement Income Security Act (ERISA).
A breach may have occurred if the fiduciaries failed to manage the assets of the plan prudently and loyally by investing the assets in company stock when it was no longer a prudent investment for participants’ retirement savings.
Specifically, UBS and the plan’s other fiduciaries continued to invest in and hold UBS stock in the plan despite the company’s apparent mismanagement of the risk of assets held by the company and its gross failure to maintain adequate capital and liquidity.