BOCA RATON, Fla., July 6, 2010 (GLOBE NEWSWIRE) -- The Law Firms of Sallah & Cox, LLC and Blum & Silver, LLP are continuing to investigate and pursue claims against UBS for its sales of Principal Protected Notes ("PPNs") issued by Lehman Brothers ("Lehman"). This announcement comes in the wake of a July 2, 2010 Bloomberg news article reporting that the SEC is looking into how several firms marketed securities that lost in excess of $1 billion as "principal-protected." According to Bloomberg, a source stated that the SEC is looking at how firms described the PPNs' risks and whether the term "principal-protected" misleadingly implies that the investment is guaranteed not to decline in value.
The Sallah & Cox and Blum & Silver investigation, which preceded the SEC inquiry by nearly a year, has determined that UBS sold hundreds of millions of dollars worth of Lehman PPNs and, in many instances, described them as safe investments that were "guaranteed" against the loss of principal. Following Lehman's demise on September 15, 2008, the PPNs went into default causing the holders to become unsecured creditors in the Lehman bankruptcy proceeding. To date, Sallah & Cox and Blum & Silver have filed over one dozen cases against UBS, seeking damages of over $10 million collectively, based solely on its sales of PPNs to retail and corporate investors.
For additional information or to further discuss these matters, investors should contact either:
| Scott L. Silver, Esq. | James D. Sallah, Esq. |
| Blum & Silver, LLP | Sallah & Cox, LLC |
| 1-877-STOCK LAW (1-877-786-2552) | 1-888-SEC- ATTY (1-888-732-2889) |
| http://www.stockattorneys.com | http://www.sallahcox.com/ |
Additional information can also be found at their joint website dedicated to these issues at http://www.principalprotectednotesattorneys.com or simply, http://www.ppnattorneys.com.
Scott L. Silver of Blum & Silver, LLP and James D. Sallah of Sallah & Cox, LLC were recently awarded the most effective Securities Lawyers in South Florida by the Daily Business Review. They received this esteemed accolade for their success in obtaining one of the largest arbitration awards ever awarded against an individual broker. A FINRA panel awarded a group of investors over $7 million, including over $4 million in punitive damages, against former UBS broker, Gary J. Gross based upon what the panel found to be Gross's "willful and wanton" conduct and in "flagrant disregard" of the investors rights.
Blum & Silver, LLP is a nationally-recognized securities law firm headquartered in South Florida, with a satellite office in New York, representing investors worldwide with their claims for losses due to stockbroker misconduct and brokerage firm negligence in securities litigation and arbitration matters. The firm has successfully recovered multi-million dollar awards for its clients against the country's top brokerage houses.
Sallah & Cox, LLC is located in Boca Raton, Florida. The firm consists of former SEC Enforcement attorneys who represent clients throughout the United States and Latin America in stockbroker misconduct and investment fraud cases. This firm has represented investors against most major Wall Street brokerage firms in claims involving stocks, options, auction rate securities, hedge funds, mutual funds, and bonds.
Blum & Silver's and Sallah & Cox, LLC's attorneys speak English and Spanish, and they are licensed to practice law in Florida, Colorado, New York and New Jersey.