UBS Ducks Investor Suit Over $757M Bond Deal

Law360, New York (July 9, 2013, 7:49 PM EDT) -- UBS Trust Co. of Puerto Rico on Tuesday won another bid to escape a shareholder class action accusing it of selling $757 million in bad bonds to two pension plans, when a federal judge found the plans no longer had standing to bring their derivative claims.

U.S. District Judge Aida M. Delgado-Colon said the two Puerto Rico public employee plans had lost their right to sue by selling their shares in closed-end investment funds advised by UBS while their appeal of her earlier decision dismissing the...
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