NEW YORK, June 8, 2009 (GLOBE NEWSWIRE) -- The Securities Law Firm of Klayman & Toskes, P.A. ("K&T") (http://www.nasd-law.com) announced today that The New Hampshire Bureau of Securities Regulation filed a Cease and Desist Order, No. COM08-027, against UBS Financial Services (NYSE: UBS) alleging "unfair sales practices.unsatisfactory supervisory procedures and for recommending unsuitable investments" to numerous investors. The products at issue in the Action are Lehman Brothers "structured products" which were sold by UBS as "promising principal protection." These include Lehman Brothers' so called "Principal Protection Notes." According to New Hampshire's Deputy Director of Securities Regulation for Enforcement, "UBS presented these notes as simple, safe investments when in fact they are highly volatile and are subject to shifting market conditions. The safety of these products was exaggerated. We believe UBS engaged in unfair and unlawful sales practices when presenting these investments." The New Hampshire Bureau of Securities Regulation also stated, "The methods by which UBS offered and sold the Lehman Brothers structured products to its clients constituted dishonest and unethical business practices."
Presently, K&T is prosecuting numerous arbitration claims against UBS, on behalf of investors who sustained losses in "structured notes," including Lehman Brothers 100% Principal Protection Notes. Believing these Notes were safe and secure K&T's clients placed a significant amount of money in these products. In reality, however, the Notes were much different and carried significant risks which UBS failed to disclose to the clients, including the risk of default. With the bankruptcy of Lehman Brothers, the investments in the Lehman Principal Protection Notes are now virtually worthless.
Retail and institutional investors who have sustained investment losses in structured products sold by UBS can contact K&T to explore their legal rights and options. The attorneys at K&T are dedicated to pursuing claims on behalf of investors who have suffered investment losses. K&T, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.
If you wish to discuss this announcement or have investment losses of $250,000 or more, please contact Steven D. Toskes, Esquire, or Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at 888-997-9956 or visit us on the web at http://www.nasd-law.com.