Family-owned Swatch Group has confirmed it has launched a legal action against UBS in relation to an absolute return fund sold to the watchmaker in 2009.
Biel-based Swatch claims UBS at the time had assured the value of its investment was secure and has filed for compensation amounting to SFr30 million (€23 million).
The legal action was revealed in the Swiss press and follows an initial attempt by Swatch to reclaim the money that was unsuccessful. UBS declines to comment on ongoing legal cases, but did confirm the Swatch legal action.
The move comes as UBS launches a big branding and advertising campaign to revitalise its image after a number of years of difficulty.
The Swiss bank also faces lawsuits involving allegedly mis-selling Lehman Brothers guaranteed principal protection notes to investors before the onset of the financial crisis.
With the collapse of Lehmans, these investment notes are now worth nothing.
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