Arkansas ends ties with UBS

From swissinfo.ch

Troubled bank UBS has been dealt another blow in the United States. The pension fund for public employees in Arkansas will end its relationship with the bank.

Trustees voted to end the contract with UBS over the US justice department’s probe of the Swiss banking giant, in a move announced on Sunday.

Officials in Arkansas said that UBS currently manages around $160 million (SFr173 million) in stock market investments for the pension fund.

The state’s teacher retirement scheme - a separate entity - has around $532 million invested with UBS.

The Internal Revenue Service has sued UBS to try and force the bank to hand over information on around 52,000 account holders. The agency says that these account holders have an estimated $14.8 billion in assets and are using Swiss bank secrecy to shield the money.

UBS has asked for a Miami federal judge to deny the IRS petition.

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