A regulatory action filed by the State of New Hampshire against UBS Financial Services, Inc on June 3, 2009 provides further evidence that investors were mislead by the brokerage firm in connection with the sale of a structured product known as Lehman Brothers Principal Protected Notes (“PPN”). New Hampshire concluded that, “the methods by which […]
Securities regulators in New Hampshire have accused a unit of UBS AG, Switzerland’s largest bank, of recommending unsuitable investments to customers who put their money into complex securities underwritten by Lehman Brothers Holdings, Inc. According to the New Hampshire Bureau of Securities Regulation, UBS allegedly represented the securities as “safe” investments to clients, guaranteeing them […]
The FSA and Financial Ombudsman Service said in a press release yeasterday they have jointly concluded that Lehman Brothers’ insolvency raises issues in the UK structured products market. The release said: “As a result, while the Ombudsman has been investigating a number of individual complaints, the FSA has been actively looking at the wider issues […]
Citigroup Inc.’s Spanish unit improperly sold investment products for Lehman Brothers Holdings Inc., according to lawyers who say they filed a lawsuit on behalf of as many as 122 clients. Citigroup used aggressive marketing campaigns to sell the products, failed to diversify client investments and didn’t advise customers of what was happening at Lehman, said […]
Citigroup Inc.’s Spanish unit improperly sold investment products for Lehman Brothers Holdings Inc., according to lawyers who say they filed a lawsuit on behalf of as many as 122 clients. Citigroup used aggressive marketing campaigns to sell the products, failed to diversify client investments and didn’t advise customers of what was happening at Lehman, said […]