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Swedish Pensions Agency sues UBS subsidiary – wants USD 42m

The issue dates back to 2015, when UBS Third Party outsourced management of a Fondtorget-hosted fund to a company accused of having failed to act in the best interest of savers after buying and profiting from high-risk assets. UBS counters saying the agency has not presented evidence of any wrongdoing.

Photo: PR / Pensionsmyndigheten

The Swedish Pensions Agency (SPA) is suing a UBS subsidiary called UBS Third Party in Stockholm District Court and is demanding USD 42m back.

In a statement published Friday, July 2, SPA Head of Legal, Lena Aronsson says that savers on the fund platform Fondtorget have lost money due to UBS Third Party's inadequate management of certain funds previously available on Fondtorget.

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