Swiss bank UBS settled a lawsuit with a former junior trader who claimed the bank mishandled a complaint of rape and sexual assault by senior colleagues against her.
The bank and the claimant have reached “a mutual resolution” and the woman, who cannot be identified for legal reasons and who is referred to as Ms A, has withdrawn her claim, according to her legal representatives at Farore Law.
The news was first reported by Bloomberg.
The settlement included a five-figure donation to the whistleblowing charity Protect, according to a source familiar with the matter.
UBS declined to comment.
The woman alleged she was raped by one of the bank’s senior managers while she was in its graduate trainee programme in September 2017. Neither the claimant nor the director still work at the bank.
Ms A had also written to Andrea Orcel, the former president of the group’s investment bank, outlining a number of failures she said the company made during its internal investigation.
The Financial Conduct Authority, the City’s watchdog, had also opened a preliminary investigation into the case in 2018.
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