UBS' $2.3B Trading Loss Spurs Investor Class Action

Law360, New York (June 22, 2012, 10:55 PM EDT) -- UBS AG was hit with a putative class action in New York federal court Friday claiming that its officers made false and misleading statements in relation to the $2.3 billion trading loss it experienced last year.

The complaint, filed by the C.D.T.S. No. 1 and A.T.U. Local 1321 Pension Plan, alleges that UBS officers were dishonest in filings with the U.S. Securities and Exchange Commission about the bank's internal control during the time one of its traders, Kweku Adoboli, allegedly oversaw unauthorized trades that resulted in...
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