Vernon Healy Files $1 Million Lehman Principal Protected Notes Claim Against UBS on Behalf of Texas Investor -- UBS


NAPLES, Fla., Feb. 16, 2010 (GLOBE NEWSWIRE) -- UBS committed gross malfeasance when it marketed and sold $1 million in Lehman principal protected notes to a retired executive that may now be virtually worthless, according to a claim filed today by the Vernon Healy investor advocacy law firm that seeks compensatory and punitive damages against UBS.

Written material obtained by Vernon Healy as part of its pre-filing investigation shows that UBS (NYSE:UBS) disseminated misleading product descriptions to its financial advisors that portrayed the Lehman notes as safe investments with 100 percent of the investor's principal protected and none at risk, according to the claim filed today on behalf of a Texas investor.

Actually, the notes were a highly complex product designed by UBS that carried significant credit risk, the claim states.

These UBS-designed investment products supplied Lehman Brothers (Pink Sheets:LEHMQ) with an infusion of unsecured loans from main street investors as the housing market decline and credit crisis threatened Lehman Brothers' solvency, according to the claim. The Lehman Brothers bankruptcy in September 2008 left Lehman note holders standing in line as unsecured creditors.

As the architect of these Lehman structured products, UBS knew or should have known of Lehman's precarious financial position, but UBS urged its financial advisors through internal "road shows" to pitch Lehman principal protected notes as safe and principal protected to their clients, according to the claim. 

State securities regulators in New Hampshire have taken action against UBS for deceptive practices involving the notes, so-called Lehman Brothers Asian Currency Basket Principal Protected Notes, that were the very same product sold to Vernon Healy's Texas client filing today's claim. 

The Vernon Healy law firm is representing multiple Lehman Brothers principal protected notes investors in multiple states — most of whom have losses well in excess of $500,000 — in cases against UBS. Vernon Healy is also investigating the sale of these Lehman structured products by the Florida-based brokerage firm Raymond James.

Since launching its investigation more than a year ago, investors from all over the world — particularly from Europe — have sought information about Lehman notes through Vernon Healy. Many of these international investors were pitched these Lehman structured notes by affiliates of Credit Suisse or Citi Bank as well as UBS.

Vernon Healy is a Naples, Florida based law firm that is representing multiple Lehman structured product investors in FINRA arbitration. Vernon Healy represents investors who are victims of stock fraud and stock losses due to broker fraud and brokerage firm fraud and misconduct. Vernon Healy securities attorneys are experienced in arbitration and litigation. The firm assists clients in recovering losses caused by all manner of financial fraud and negligence. It focuses its practice on complex financial litigation and arbitration as well as business and commercial litigation.

URL: http://www.lehmannotes.com/2010/02/vernon-healy-files-1-million-lehman-principal-protected-notes-claim-against-ubs-on-behalf-of-texas-i.html



            

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