US note investors file class action lawsuit against UBS and Lehman
Three class actions have been filed on UBS Financial Services and the officers and directors of Lehman Brothers on losses from investments in principal protected notes (PPNs) issued by the defunct US bank.
Lehman issued the notes for which it and UBS were sellers and underwriters, and the allegation is that Lehman promised investors a complete return of principal even while the company knew its own financial situation was precarious. Furthermore, it is alleged that Lehman was maintaining
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