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ARS Cases Against UBS Tossed

Law360 (March 31, 2009, 12:00 AM EDT) -- A federal judge has dismissed a group of cases against a unit of UBS AG alleging that the investment banking unit artificially propped up the auction rate securities market prior to the market's collapse early last year.

Judge Lawrence M. McKenna of the U.S. District Court for the Southern District of New York on Monday ruled that the plaintiffs in the case forfeited their rights to claim damages when they agreed to UBS' offer to buy back the securities. The buyback offer came as a result...
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