US - Law firms Holzer Holzer & Fisteland LLC and Statman, Harris & Eyrich LLC have announced they are they are investigating allegations of violations of the Employee Retirement Income Security Act by UBS AG.
Holzer Holzer & Fisteland alleged the breach could arise from "imprudent investments" in UBS's stocks and the company's failure to "prudently and loyally manage the plan's investments".
Statman, Harris & Eyrich said it was investigating whether fiduciaries of the plan encouraged the plan's investment in UBS stock "while withholding or concealing material business or financial information from the plan's participants and beneficiaries".
Statman said the firm was investigating specifically whether fiduciaries of the plan knew, or should have known, of the alleged mismanagement of the risk of assets held by the company and its failure to maintain adequate capital and liquidity.
UBS declined to comment.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.