UBS AG (UBS.N) (UBSN.VX) will not sue its former bosses after risky bets on subprime mortgages and a strategy of helping U.S. clients hide money in secret accounts brought the Swiss bank to its knees.
Any action would only draw negative attention as UBS seeks a fresh start to win back client trust, the wealth management group said on Tuesday.
"The board has decided that years of uncertainty about these matters due to litigation ... and related negative attention from such action is not in the interest of UBS, its employees, clients and shareholders," the group said in a statement.
UBS said the board had decided not to take action after a thorough review, including consultation with external legal experts. It said its new management led by banking veteran Oswald Gruebel had taken "comprehensive and profound measures to ensure that nothing like this should ever happen again.
"The review concluded that there was no evidence of criminal conduct by former senior executives under Swiss law. Furthermore, there is no indication that they pursued personal interests to the detriment of UBS," it said.
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