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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.