This excerpt taken from the UBS 6-K filed May 23, 2008.
Legal claims and regulatory risks arise in the conduct of our business
In the ordinary course of our business, we are subject to regulatory oversight and liability risk. We are also involved in a variety of other claims, disputes, legal proceedings and government investigations in jurisdictions where we are active, including the United States and Switzerland. These types of proceedings expose us to substantial monetary damages and legal defense costs, injunctive relief, criminal and civil penalties and the potential for regulatory restrictions on our businesses. The outcome of these matters cannot be predicted and they could adversely affect our future business. Currently, we are responding to a number of government inquiries and investigations, and are involved in a number of litigations and disputes, related to the subprime crisis, subprime securities, and structured transactions involving subprime securities. These matters concern, among other things, our valuations, disclosures, write-downs, underwriting and contractual obligations.