UBS’s Weber Called to Testify in Orcel’s Santander Lawsuit

(Bloomberg) -- UBS Group AG Chairman Axel Weber has been called to testify in Andrea Orcel’s lawsuit against Banco Santander SA over its decision not to hire him as chief executive officer.

Santander Chairman Ana Botin has also been called as a witness at the trial, which is set to start on March 10 in Madrid, according to a spokesman for the court. No settlement was reached at a pre-trial hearing that took place on Monday.

Orcel, former head of UBS’s investment bank, is suing Santander for about 100 million euros ($120 million), claiming the Spanish lender ruined his career with a last minute decision to back out of hiring him last year. Orcel was left without a job and may not receive back pay from UBS if he takes another job in the financial sector in the next five years.

“The board of Santander remains confident that the decision not to proceed with Mr. Orcel’s appointment was both correct and handled appropriately, and looks forward to resolving the matter in court,” a Santander spokesman said. UBS declined to comment.

Orcel is seeking about double what Santander had balked at paying the executive to compensate him for unpaid bonuses from UBS, which may amount to as much as 50 million euros, people with knowledge of the matter have said.

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