UBS: New York Attorney General to file suit


As the downturn gathers steam, lawsuits against financial firms are going to rise. Below is the latest in lawsuits. The associated WSJ article is available only to subscribers.

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New York state Attorney General Andrew Cuomo is preparing to file civil securities-fraud charges against UBS The Wall Street Journal reported.

The suit, which reportedly may be filed as early as this week, would mark the first case to stem from the state’s investigation into the auction-rate-securities market, The Journal said, adding that Mr. Cuomo may file charges against other companies that he has been investigating. The lawsuit also could include allegations of malfeasance by senior UBS executives, The Journal said.

NY Times, 23 Jul 2008

Auction rate securities represent an area primed for lawsuits. I mentioned a lawsuit against RBC in that same category here in June in the post RBC clients file lawsuit. Expect many more to come.

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