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UBS Faces Wave of Lehman Note Legal Woes

Reuters

Even as UBS launches a global campaign to revive its banged-up brand, the Swiss bank’s U.S. brokerage faces another costly and embarrassing wave of regulatory actions. Investor lawyers for the past year have been taking UBS to task for selling Lehman Brothers debt with such reassuring names as “100 percent principal-protected notes” that promised robust […]

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Raymond James Must Buy Back $925,000 In Auction Rates- Panel

Dow Jones

Raymond James & Associates, Inc. and one of its brokers must buy back $925,000 in auction-rate securities from a Texas-based couple, a securities arbitration panel has ruled. Rex and Sherese Glendenning, of the Celina area in Texas, originally sought $1.4 million in the case they filed in February 2009, against Raymond James & Associates, a […]

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Citigroup Ordered to Pay $1 Million to Three Municipal-Bond Fund Clients

Bloomberg

Citigroup Inc. was ordered by brokerage-industry arbitrators to pay more than $1 million to three investors in its municipal-bond funds. The clients had accused the New York-based bank’s global markets unit of breaching fiduciary duty and other misconduct tied to their investments in funds known as MAT Five and MAT Three, according to an Aug. […]

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Crisis-Era Muni Funds Haunt Wall Street Brokerages

Wall Street Journal

Two years after the credit-market meltdown hit a once-booming sector of the municipal-bond market, Wall Street brokerage firms are being ordered to pay millions to investors who lost big on what some thought were low-risk investments. This month, an investor arbitration panel awarded a California family $2.1 million, the full amount of its losses on […]

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Court Denies Morgan Keegan's Request to Overturn Award

Dow Jones

An Alabama state court has denied a request by Morgan Keegan & Co. to fully overturn a securities arbitration award entered in favor of an investor, disagreeing with the company’s arguments that an arbitrator was allegedly biased. Judge Nicole Gordon Still, a civil division judge in Birmingham, affirmed a $220,000 award in favor of United […]

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