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Securities Litigation Law Blog was launched as a tool to share the knowledge and insights of Michaels, Ward & Rabinovitz, LLP securities attorneys with businesses and individuals on legal and legislative developments in this increasingly complicated field. For more information about our law firm please visit our webpage at http://www.michaelsward.com

Archives for: June 2008, 30

Massachusetts Sues UBS Over Auction-Rate-Securities

By Securities Law on Jun 30, 2008 | In Regulatory Actions

On June 26th, the Massachusetts Secretary of State sued UBS Financial Services Inc. alleging the firm defrauded clients by telling them that investments in auction-rate securities were safe and liquid when it knew they were not. At least 24 class action lawsuits related to auction-rate securities have been filed and nine states have joined together to investigate the marketing of the securities.

A copy of the complaint can be found here http://www.sec.state.ma.us/sct/sctubs2/ubs2_complaint.pdf.

Massachusetts Secretary of State, William Galvin, discusses the charges here http://www.bloomberg.com/avp/avp.htm?clipSRC=mms://media2.bloomberg.com/cache/vZ0PZQ1teXHk.asf.

For more information on this subject contact securities attorneys, Michaels, Ward & Rabinovitz, LLP.