UBS Strikes $120M Deal In Lehman Investor MDL

Law360, Los Angeles (August 8, 2013, 10:28 PM EDT) -- After five years of litigation, UBS Financial Services Inc. has agreed to pay $120 million cash to settle its part of an investor class action against former officials and auditors of Lehman Brothers Holdings Inc. in multidistrict litigation over the bankrupt company’s securities offerings.

The notice of the tentative settlement comes after U.S. District Judge Lewis A. Kaplan in January denied Ernst & Young LLP and UBS’ motion to dismiss the certification bid of two classes pursuing claims against the accounting firm and the investment bank,...
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