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UBS faces additional legal actions by end of 2024?
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UBS to Refund 90% of Credit Suisse Investors in Greensill Collapse with $0.9 Billion Provision
Jun 17, 2024, 07:11 AM
UBS has announced plans to refund investors in Credit Suisse funds linked to the collapse of Greensill Capital. The Swiss bank is setting aside a provision of approximately $0.9 billion to address this issue. UBS is offering to repay 90% of the investments made by former Credit Suisse clients affected by the Greensill implosion. This move aims to resolve issues stemming from Credit Suisse's collapse, which involved $10 billion in trapped assets and impacted 1,200 investors. UBS aims to repay much of the $2.5 billion still stuck in investment funds tied to Greensill Capital. The provision will be recorded in the second quarter of 2024.
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