Russian Tycoon Usmanov Sues UBS Over Money Laundering Alerts (2)

Sanctioned Russian billionaire Alisher Usmanov sued a German unit of UBS Group AG over anti-money laundering reports that he claims triggered an illegal criminal investigation against him.

The Russian tycoon filed the suit at the Frankfurt Regional Court on June 7, his lawyers said in a statement on Monday. The suit claims the bank’s reports — filed from 2018-2022 — wrongly pointed to potentially suspicious financial transactions.

Alisher Usmanov

Source: Bloomberg

A Frankfurt court spokeswoman said that while the tribunal received the filing, Usmanov hasn’t yet paid the legal fees needed to get the case going. As a consequence, UBS hasn’t received notice ...