Swedish Pensions Agency and UBS subsidiary tussle over lawsuit translation

There have been new developments in the legal battle concerning alleged mismanagement of funds unfolding between the Swedish Pensions Agency (SPA) and a UBS subsidiary. The SPA wants the bank to repay what pension savers lost.

The SPA and UBS disagree over lawsuit translation | Photo: PR / Pensionsmyndigheten

The Swedish Pensions Agency's (SPA) lawsuit against UBS subsidiary UBS Third Party, which is based in Luxembourg, has been slow-going since the process was announced in the summer of 2021.

In July, the agency issued a lawsuit against the UBS subsidiary, demanding USD 42m from the firm. SPA Head of Legal Lena Aronsson said at the time that savers on the fund platform Fondtorget have lost money due to UBS Third Party's inadequate management of certain funds previously available there, as reported by AMWatch.

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