Daily Archives: March 6, 2017

Swiss Banking Giant UBS AG Can’t Be Sued in California

SAN FRANCISCO (CN) – The Ninth Circuit on Friday rejected a request by a Bahamian trust belonging to a deceased Indonesian politician to sue Swiss banking giant UBS AG in California just because it does business there.

In a written decision issued Friday, the court affirmed the dismissal of AM Trust’s federal class action against UBS for lack of personal jurisdiction.

AM Trust accused the Zurich-based bank in 2014 of shutting down the accounts of secret account-holders who had died or were absent for long periods, including former Indonesian Vice President Adam Malik. The trust then said the bank withheld or destroyed internal records related to the accounts.

Read on.