Spitzer Sues UBS Over "Wrap" Accounts

Law360, New York (December 12, 2006, 12:00 AM EST) -- The office of New York Attorney General Eliot Spitzer sued Switzerland’s UBS Financial Services on Tuesday under state antitrust and fraud laws for allegedly “defrauding thousands of its customers.”

The lawsuit accuses UBS of moving “inappropriate clients” from regular brokerage accounts into a program called InsightOne, despite that program’s far higher costs for those investors, Spitzer’s office said.

UBS falsely promoted InsightOne as providing personalized advice and other financial planning services, the complaint charges.

Filed in New York Supreme Court in Manhattan, the lawsuit charges UBS...
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