Alisher Usmanov Sues UBS Europe SE Over Reports

Alisher Usmanov, a Russian-Uzbek billionaire, has taken legal action against UBS Europe SE, accusing the bank of circulating unfounded reports about his transactions that led to damaging investigations and financial losses. His lawyers claim that UBS's suspicious transaction reports triggered erroneous decisions by authorities, impacting Usmanov's reputation and assets globally. The lawsuit, filed in Frankfurt, alleges that UBS violated confidentiality, spread false information, and caused significant harm to the entrepreneur. Usmanov's legal representative warned that the consequences for UBS could be severe, likening them to a tsunami.