12:26 PM EDT, 06/17/2024 (MT Newswires) -- (Updates throughout with statement from lawyers representing Alisher Usmanov. Adds UBS declining to comment in the sixth paragraph.)

UBS (UBS) is being sued by Russian-Uzbek billionaire Alisher Usmanov in Germany over alleged reports made by the bank about Usmanov's deals that resulted in an investigation of him by German authorities, his lawyers said Monday.

The lawsuit was filed June 7 at the Regional Court of Frankfurt am Main over alleged "illegal reports" made by UBS Europe SE to German regulator Financial Intelligence Unit between 2018 and 2022 "about allegedly suspicious transactions by Mr. Usmanov, which led to criminal investigations against him," the Gauweiler & Sauter law firm told MT Newswires in a statement.

UBS "filed more than a dozen so-called reports of suspected money laundering," the lawyers said.

"The development triggered by the illegal money laundering suspicions filed by UBS has seriously damaged Mr. Usmanov's reputation," the lawyers said. "In addition, he has already suffered considerable financial losses."

UBS declined comment to MT Newswires.

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