Press Releases & Media
Current Investigations
UBS CDOs | Company Ticker: UBS AG
Hagens Berman Sobol Shapiro LLP is investigating the marketing and sales of consolidated debt obligations (CDOs) by UBS (NYSE: UBS AG) and whether the company inappropriately offered high-risk CDOs to municipalities and other qualified institutional investors without making the appropriate disclosures, and/or knowing the unsuitability of the investment.
UBS is believed to have offered more than $18 billion in CDOs and last week the U.S. Justice Department said it was looking into whether fraud occurred in the packaging and selling of complicated mortgage securities. According to the Wall Street Journal, the SEC recently upgraded probes of UBS into formal investigations.
In the SEC's UBS investigation the agency is examining, among other things, a situation in which a trader at a now-defunct hedge fund of UBS's Dillon Read unit was confronted and then ousted after he valued mortgage securities at prices below the value assigned to the same securities elsewhere at UBS, the Journal reports.
HBSS is investigating whether the brokerage firm fairly disclosed risks to other municipalities and public pension funds.
If you are a public pension fund, municipality or other institutional investor who was sold CDOs by UBS, or have information concerning this investigation, please contact plaintiff's counsel Steve Berman of Hagens Berman at 206-623-7292 or via e-mail at info@hbsslaw.com.
HBSS believes that if these cases move forward, they would warrant individual attention, addressing the particular facts of each client's case.
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