UBS unit faces lawsuit over copying reports

12 August 2010

A division of Swiss bank UBS is facing legal action after it was accused of copying data from oil and gas publications without attributing the authors.

According to reports, the financial services provider is thought to have infringed on the copyright of publications produced by the Energy Intelligence Group.

The publishing firm alleged that the bank took data on ten occasions between 2006 and 2007.

Information was then reproduced in certain sections of the Daily Oil News, an energy newsletter distributed by the bank’s AG unit.

In the lawsuit, which was quoted by Bloomberg, the claimants stated that the bank copied the content “in a systematic manner over a long period of time for the purposes of enhancing its profile and reputation amongst its customers and potential customers".

“The acts of the defendant were carried out flagrantly and in the belief that the benefit to be so gained far exceeded the damages at risk,” the statement continued.

Earlier in the month, UBS announced details of a deal to build a new headquarters on the Broadgate estate in the City of London.

The development is expected to be the largest office block in the area.

By Jim Ottewill

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