UBS Group sued TiVo for shutting it out of its merger with Rovi, even though the bank had a contract to provide the digital-video recording pioneer with financial advice since 2010.
TiVo breached a contract requiring it to use UBS as its financial adviser on acquisitions and sales, the Zurich-based bank claimed in a lawsuit filed Friday in New York state court in Manhattan.
TiVo’s financial adviser on the Rovi deal included former UBS bankers who had previously advised the company, the bank said. The adviser was paid $14.5 million, UBS said. The bank sued for unpaid retainer fees of at least $1.3 million and $14.5 million in fees and damages.
UBS said that it has fulfilled its obligations as TiVo’s financial and capital markets adviser, providing a variety of services. In 2013, the bank said it helped TiVo rebuild its financial model and from 2013 to 2016, UBS said it provided analysis and advice on a regular basis.
Full Content: Bloomberg
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