New York, NY (PRWEB) August 26, 2013
Zamansky LLC announces the filing of an Amended Statement of Claim in a pending FINRA arbitration to add as an additional claimant in a group case another investor in the UBS Willow Fund LLC ("UBS Willow Fund") who is also a customer of brokerage firm UBS Financial Services Inc. The case is FINRA No. 13-1572.
The Amended Statement of Claim filed in the arbitration adds as an additional claimant a retired investors who invested $75,000 into the UBS Willow Fund. The Amended Statement of Claim on behalf of the group of California investors alleges compensatory damages against UBS of $1.2 million for losses allegedly suffered in the UBS Willow Fund.
The Amended Statement of Claim alleges that the UBS Willow Fund was a purported distressed debt fund that was recommended and sold by UBS Financial Services which materially deviated from its disclosed strategy. Instead of investing in distressed debt, the Amended Statement of Claim alleges that the UBS Willow Fund speculated in foreign sovereign debt credit default swaps (CDS). The Amended Statement of Claim alleges that these foreign sovereign CDS carried risks that were far greater in magnitude and different in nature than those disclosed to investors. The Amended Statement of Claim also alleges that investors were never made aware of the change in fundamental strategy, and that these CDS eventually sank the UBS Willow Fund causing it to suffer 70% or more losses. The group of investors asserts claims of unsuitability, breach of fiduciary duty and failure to properly supervise and seek damages for the losses incurred.
The problems associated with the UBS Willow Fund are discussed in a March 30, 2013 article entitled "If A Fund Turns On A Dime, Watch Your Dollars, " by Gretchen Morgenson, New York Times.
What UBS Willow Fund Investors Can Do
Investors in the UBS Willow Fund who would like to have their brokerage accounts reviewed or to discuss their legal rights, may, without obligation or cost, email jake(at)zamansky(dot)com or call the law firm at (212) 742-1414.
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