New York, New York (PRWEB) August 15, 2013
Zamansky LLC has filed a FINRA arbitration against UBS Financial Services, Inc. ("UBS") on behalf of group of brokerage customers from California who were sold Lehman Brothers' structured products including "100% Principal Protected Notes." The case is FINRA No. TN 1300907.
The Statement of Claim alleges that UBS sold to family members and other related brokerage customers approximately $1.25 million of structured notes issued by the now-defunct Lehman Brothers Inc. The Statement of Claim asserts that UBS knew but hid its true views of Lehman’s deteriorating financial condition from its retail customers who were invested in these notes. The Statement of Claim alleges that UBS’s brokerage customers never knew that there was real possibility that these Lehman notes could default and become worthless. The Statement of Claim also alleges that UBS twice halted sales of Lehman notes in response to concerns about credit risk, but failed to disclose those halts to its thousands of retail customers who already held Lehman notes in their accounts.
According to stock fraud attorney, Jake Zamansky, these UBS brokerage customers decided to opt out of the recent class action settlement that was announced so that they could pursue their own claims. On August 9, 2013, a preliminary approval of a settlement was filed in the investor class action for these Lehman structured products. The case is In re Lehman Brothers Debt/Equity Sec. Lit., U.S. District Court, Southern District of New York, 2008-CV-05523. Under the proposed settlement, Zamansky states that investors would recover only a small percentage of their losses, and they should contact our law firm to discuss whether they should opt out of the settlement to pursue their own.
Zamansky LLC successfully represented former president of the Philadelphia 76ers Pat Croce. As reported by Rueters, on June 13, 2011, an arbitration panel found UBS liable for $2 million in damages plus interest. The case was FINRA No. 2010-00361.
What Investors Can Do
If you were a UBS brokerage customer who allegedly suffered a loss from a Lehman structured product, and would like to discuss whether you should opt out and pursue your own arbitration, you may, without obligation or cost to you, email jake(at)zamansky(dot)com or call the law firm at (212) 742-1414.
Zamansky will also assist clients in completing and filing the opt out forms at no cost.
About Zamansky LLC
Zamansky LLC is a leading investment fraud law firm specializing in securities arbitration and securities class actions. Our stock fraud attorneys represent both individual and institutional investors. Our stockbroker fraud practice is nationally recognized for our ability to aggressively prosecute cases and recover losses.
50 Broadway - 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414