The City of Birmingham Retirement and Relief System and the Electrical Workers Pension System Local 103 have filed a proposed class action securities fraud lawsuit accusing a number of big banks of colluding with one another to rig the prices of Federal Home Loan Mortgage Corp. (Freddie Mac) and Federal…
The Financial Industry Regulatory Authority (FINRA) has suspended David Howard Fagenson, a former UBS Financial Services (UBS) broker, for eight months. Fagenson, now registered with Newbridge Securities, is accused of unsuitable trading in the accounts of three older clients. The allegedly excessive trades are said to have created significant losses…
The US government has filed a civil lawsuit against UBS AG and a number of its UBS-based affiliates accusing them of defrauding investors who purchased residential mortgage-backed securities (RMBS) from the firm in the two years prior to the 2008 economic crisis. UBS purportedly securitized over $41B of mortgage loans…
SHEPHERD SMITH EDWARDS & KANTAS LLP INVESTIGATING CLAIMS INVOLVING William A. HIGHTOWER, UBS FINANCIAL SERVICES INC. and Legacy Asset Securities, INC. Baytown, Texas – September 6, 2018 Lawyers with the Securities Law Firm of SHEPHERD SMITH EDWARDS & KANTAS LLP, www.sseklaw.com, are investigating claims involving William A. Hightower, UBS Financial…
A former UBS (UBS) banking official is claiming that Wall Street banks like his previous employer played a key role in the Puerto Rico economic crisis that has left the U.S. territory more than $70 billion in debt and mired in bankruptcy-like proceedings. The ex-UBS official, Carlos Capacete, was interviewed…
A Financial Industry Regulatory Authority panel has awarded five people $521,000 in compensatory damages in their Puerto Rico bond fraud case against UBS Financial Services (UBS) and UBS Financial Services Inc. of Puerto Rico (UBS-PR). The claimants had accused the financial firm of securities fraud, constructive fraud, common law fraud,…
UBS, AG (UBS) says that it intends to nominate BlueMountain Capital Management Executive Jes Staley to its board in May. Staley formerly served as a JPMorgan Chase & Co. (JPM) executive. In a statement, UBS Chairman Axel Weber said that Staley is perfect for the role due to his professional…