ARS Investors Seek Lead Plaintiff Swap In UBS Case

Law360, New York (May 27, 2009, 12:00 AM EDT) -- A group of investors leading consolidated litigation against UBS AG over the collapse of the auction rate securities market has moved to step aside as lead plaintiff in the action after a judge ruled the group had forfeited its right to damages in accepting a buyback offer from the investment bank.

The seven-member group, dubbed the Chandler Group, filed a motion in the U.S. District Court for the Southern District of New York on Tuesday for an order consenting to its withdrawal and substituting the so-called...
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