Tuesday, March 31, 2009
ARS Purchasers' Suit Against UBS Dismissed Because of SEC Settlement
The federal district court in the Southern District of New York dismissed an investors' action against UBS that charged the investment bank misled them about the safety and liquidity of ARS. The judge said the investors could not continue their suit because UBS previously entered a $19.4 billion settlement with the SEC and state regulators and agreed to buy back the securities. NYTimes, Investors’ Suit Against UBS Is Dismissed.