Oregon Public Broadcasting

The state of Oregon is joining a lawsuit against a Swiss bank in an effort to recover millions of dollars in lost retirement funds.  

The bank, called UBS, admitted to tax fraud earlier this year.  The value of the bank’s stock dropped dramatically as the scandal unfolded.  

Oregon Treasurer Ben Westlund says that put a $25 million dent in the state’s public pension fund.

Ben Westlund: “That’s a significant sum of money.  But there’s more than just that particular point.  I mean, this is a company that has admitted to incredible wrong-doing that has impacted our public employees.”

The lawsuit also claims UBS failed to disclose its involvement with the risky subprime mortgage market.

The motion was filed in U.S. District Court in New York by the Oregon Department of Justice.