MINNEAPOLIS, July 22, 2008 (PRIME NEWSWIRE) -- Charles H. Johnson today announced that it has commenced an investigation against UBS AG ("UBS") for potential violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The investigation focuses on investments in UBS Savings and Investment Plan (the "Plan").
The investigation focuses on concerns that UBS and other administrators of the Plan may have breached their ERISA-mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the Plan. A breach may have occurred if the fiduciaries failed to manage the assets of the Plan prudently and loyally by investing the assets in Company stock when it was no longer a prudent investment for participants' retirement savings. Specifically, UBS continued to make and maintain investment in UBS stock despite the Company's apparent mismanagement of the risk of assets held by the company and its gross failure to maintain adequate capital and liquidity.
If you are a participant in the UBS Savings and Investment Plan and purchased UBS stock in the Plan, or have any questions concerning this notice or your rights with respect to this matter, please contact: