Court Tosses UBS Investor Class Action

Law360, New York (October 24, 2008, 12:00 AM EDT) -- A federal judge has dismissed a consolidated class action that alleged UBS AG and many of its banking operations deceived mutual fund investors, charged excessive fees and concealed broker kickbacks.

Judge Leonard B. Sand of the U.S. District Court for the Southern District of New York on Wednesday roundly dismissed all of the plaintiffs’ claims, holding that UBS units and its broker-dealer arms did not violate securities law by shepherding investors toward specific mutual funds, and concealing commission practices associated with the sale of those funds....
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