SWITZERLAND - Shareholder lobby group Actares is "not very optimistic" UBS has changed its mind regarding the planned court case against former members of the Swiss bank's board.

Actares, as well as other activist groups such as Ethos, had called on UBS's board of management to take legal action against former board members for their role in major financial losses the bank suffered.

To date, however, UBS has rejected the proposal.

A spokesman for Actares told IPE: "UBS offered us a meeting, but there is no signal the board of management urgently wants to talk to us, or that it has changed its mind."

The deadline for legal action regarding the 2008-09 period is 14 October, as shareholders have discharged former board members for those years.

But because the discharge was denied for the year 2007, shareholders have five years to file claims regarding the period.

"So the October deadline is not our last chance," Actares' spokesman said, "but something has to happen this autumn - otherwise, the proceedings are going to get stuck.

"We cannot really start anything without large institutions joining us - we have contacted pension funds, but it is holiday season, so we have to stay on it."

So far, approximately 100 private persons have signalled interest to join a possible class action suit against former members of the UBS board.
 

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