High Court Asked To Clarify Standard Of Review In UBS Suit

Law360, New York (April 10, 2013, 8:19 PM EDT) -- UBS Financial Services Inc. has urged the U.S. Supreme Court to examine an appeals court's decision to revive a derivative shareholder class action accusing a UBS unit of selling Puerto Rico pension funds $757 million in bad bonds, asking the high court to clarify what standard should be used to review these cases.

The First Circuit applied the wrong standard of review when it revived the suit in January 2012, UBS argued, noting that a majority of federal appeals courts have only overturned similar dismissals in...
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