Kweku Adoboli, the trader arrested Sept. 15 after UBS AG said it discovered unauthorized trades that caused a $2 billion loss, was charged with fraud and two counts of false accounting dating back to 2008.
Fired bankers suing for unfair dismissal and unpaid bonuses have found little success at London’s specialty employment courts as continuing anger over the financial crisis has left judges unsympathetic.
Daniel Mudd, the former chief executive officer of Fannie Mae, and Richard Syron, ex-CEO of Freddie Mac, were sued by the U.S. Securities and Exchange Commission for understating by hundreds of billions of dollars the subprime loans held by the firms.
UBS AG, Switzerland’s biggest bank, announced that its loss from unauthorized trading amounted to $2.3 billion, more than initially reported, while Chief Executive Officer Oswald Gruebel said he will stay on.
Skadden Arps Slate Meagher & Flom LLP represented Upsher-Smith Laboratories Inc., which agreed to buy Proximagen Group Plc, a U.K. biotechnology company pursuing treatments for central nervous system diseases, for as much as 356.8 million pounds ($554.7 million).