Read Weil's lawyer's response to UBS settlement
STATEMENT IN RESPONSE TO AGREEMENT BETWEEN U.S. GOVERNMENT AND UBS
Aaron R. Marcu of Freshfields Bruckhaus Deringer US LLP, counsel for Raoul Weil, issued the following statement in response to the agreement announced today between the U.S. Government and UBS
It is extremely disappointing that the indictment of Raoul Weil was not dismissed as part of the bank’s settlement with the United States. Mr. Weil is an innocent victim of a political dispute between the United States and Switzerland over Swiss bank secrecy. Mr. Weil is a highly respected banking executive in Switzerland who engaged in no misconduct. Indeed, following an extensive investigation, the Swiss Financial Market Supervisory Authority (“FINMA”) expressly found in a report released today that there was no evidence that Mr. Weil was aware of or participated in any conspiracy to violate U.S. law. FINMA found that Mr. Weil directed UBS Wealth Management to have “zero tolerance” for noncompliance. Mr. Weil consistently instructed that all aspects of the Wealth Management business – including the U.S. cross-border business, which represented less than one percent of Wealth Management assets – comply with all applicable Swiss, U.S. and other laws. We continue to expect that Mr. Weil will be fully vindicated.
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