Developer Has No Standing In $100M Investment Suit: UBS

Law360, New York (February 28, 2012, 12:57 PM EST) -- UBS AG on Monday sought to dismiss real estate developer Olen Properties Corp.'s $100 million fraud suit, arguing that while company owner Igor Olenicoff had investment accounts with UBS, Olen Properties never had business dealings with the bank and therefore lacked standing.

California commercial developer Olen Properties claims that Olenicoff had more than $100 million under management at Barclays Bank in 2001, when his account manager, defendant Bradley Birkenfeld, convinced him to move to UBS. In 2005, Birkenfeld began working at investment adviser Union Charter and...
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