UBS Escapes Investors' MBS Fraud Class Action

Law360, New York (September 28, 2012, 8:58 PM EDT) -- A New York federal judge on Friday dismissed a class action against UBS AG, ruling the plaintiffs had failed to plead that the bank intentionally misled investors about its mortgage-backed securities portfolio and its compliance with U.S. tax law.

U.S. District Judge Richard J. Sullivan granted motions to dismiss filed by the Swiss bank and by underwriters of the securities because the plaintiffs, a group of investors who bought UBS-issued securities, had failed to sufficiently plead intentional wrongdoing to support the securities violations they alleged against...
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