Swatch sues UBS over €24m losses

Biel: Swatch, Switzerland’s largest watchmaker, said it sued UBS over investment losses as chief executive Nick Hayek intensified his late father’s disputes with the banking industry.

Fri, 03 Sep, 2010 - 01:00

Swatch Group, the owner of the Omega and Longines brands, filed a lawsuit against UBS to recover €23.66 million regarding “absolute return” investments made in 2009 that weren’t supposed to lose value.

UBS declined to comment beyond verifying the bank had been sued.

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Courts Place: Switzerland Person: Nick Hayek Organisation: Swatch Organisation: UBS Organisation: Biel Organisation: Swatch Group Organisation: Omega Organisation: Longines

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