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.
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.