UBS Faces Potential Lawsuit Over Swiss Folli Follie Bonds

Women's sunglasses and handbags sits on display inside a Folli Follie SA store in the Glyfada district of Athens.
Photographer: Kostas Tsironis/Bloomberg

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September 17, 2019 at 11:32 AM EDT

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UBS Group AG could face a lawsuit from bond investors over its role arranging a 2017 sale of Swiss franc-denominated debt for retailer Folli Follie Group that has since defaulted.

Alcimos, a services company, has hired law firm Quinn Emanuel Urquhart & Sullivan to pursue a potential compensation case in Swiss courts on behalf of investors. Folli Follie has been struggling to survive since a short seller questioned the accuracy of its financial statements last year, triggering a bond and share price collapse.

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