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.

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.