Russian oligarch sues UBS over 'unlawful' money laundering alerts

Sanctioned Russian-Uzbek multi-billionaire Alisher Usmanov has filed a lawsuit against UBS claiming damages for “breach of contract and tortious misconduct”. Do you want to read our weekly top stories? Subscribe here. The reason given by the lawyers for the lawsuit is that the bank's German subsidiary, UBS Europe, "unlawfully" reported Usmanov to the Financial Intelligence Unit (FIU). According to the Munich-based lawyers Gauweiler and Rabenau, the bank made more than a dozen so-called suspicious money laundering reports to the authorities, "in some cases completely absurdly on the occasion of regular rent payments or ordinary cash withdrawals". According to the lawyers, these reports took place between 2018 and 2022 and "severely damaged Mr Usmanov's reputation". He has also "suffered considerable financial losses" as a result. For this reason, the German law firm has filed a lawsuit against the UBS subsidiary in Frankfurt "to establish liability for damages" for Usmanov ...