MINNEAPOLIS, July 22, 2008 (LAWFUEL) — Charles H. Johnson today
announced that it has commenced an investigation against UBS AG (“UBS”)
for potential violations of the Employee Retirement Income Security Act
of 1974 (“ERISA”). The investigation focuses on investments in UBS
Savings and Investment Plan (the “Plan”).
The investigation focuses on concerns that UBS and other administrators
of the Plan may have breached their ERISA-mandated fiduciary duties of
loyalty and prudence to participants and beneficiaries of the Plan. 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 continued to make and maintain
investment in UBS stock 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.
If you are a participant in the UBS Savings and Investment Plan and
purchased UBS stock in the Plan, or have any questions concerning this
notice or your rights with respect to this matter, please contact:
CONTACT: Charles H. Johnson & Associates
Neal Eisenbraun, Esq.
2599 Mississippi Street
New Brighton, MN 55112