Union Charter Exits Developer's $100M Fraud Suit Against UBS

Law360, New York (April 27, 2012, 1:20 PM EDT) -- Investment adviser Union Charter Ltd. on Thursday settled fraud claims brought by Olen Properties Corp. in the real estate developer's $100 million suit against UBS AG and other banks over alleged misrepresentation of investment opportunities.

U.S. District Judge Andrew J. Guilford dismissed the claims against Union Charter after the parties filed a joint stipulation to dismiss, saying they had reached a settlement. Terms of the agreement were not disclosed.

“The settlement agreement is confidential,” Union Charter attorney Douglas J. Rovens of Rovens Lamb LLP told Law360...
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