UBS Wins Legal Case Over Private Banker Defections in Spain

(Bloomberg) — UBS Group AG won a legal case in which a Spanish private bank, Banca March, claimed that the Swiss lender had unfairly poached wealth-management staff from it seven years ago. 

A Madrid court dismissed the claims, and ruled that the private bank will have to pay the legal costs, according to a court ruling seen by Bloomberg News. Banca March had sued UBS in 2018 and a dozen of its former private bankers after the executives left the previous year.

A spokesperson for Banca March said the bank plans to appeal the decision.

“We’ve taken note of the decision and are pleased with the outcome,” a UBS spokesperson said. 

 

–With assistance from Levin Stamm.

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