Lehman Brothers/UBS Class Action Lawsuit

Class Action Lawsuit Alleges Violations of Federal Securities Laws

Girard Gibbs LLP represents investors who purchased certain Lehman Brothers structured products (including “principal-protection notes”) in a class action lawsuit against UBS Financial Services, Inc. and Lehman Brothers' directors and officers.

The lawsuit alleges that UBS violated federal securities laws by selling structured products, despite knowing that Lehman’s ability to meet these obligations was highly questionable due to its worsening financial condition. The lawsuit also alleges that UBS’s offering documents for “principal protection notes” were false and misleading because they did not adequately disclose that “principal protection” depended upon the solvency of Lehman Brothers.

Lehman/ UBS Class Action: Current Case Status

In July 2011, the Court ruled that the claims related to the structured products with a named class representative were sufficient to overcome the defendants’ motion to dismiss, and the case would proceed on behalf of those investors.

The Court also held however, that only structured products held by a named class representatives are included in the class action:

• covered structured products
• not covered structured products

The case against UBS is currently in the discovery phase of the litigation. The Court is also considering a proposed $90 million settlement with Lehman Brothers’ officers and directors, and has set a hearing date about this settlement on April 12, 2012.

Lehman/ UBS Lawsuits: Background

A number of lawsuits surrounding Lehman Brothers’ bankruptcy and claims by other types of Lehman investors were filed and eventually coordinated before Judge Lewis Kaplan of the Southern District of New York and titled In re Lehman Brothers Securities and ERISA Litigation.

As part of the coordination process, the Court appointed Daniel Girard, managing partner of Girard Gibbs, as a member of the Plaintiffs’ Executive Committee, responsible for coordinating pretrial activities and representing plaintiffs’ interests before the Court.

Questions about the Lehman/ UBS Class Action Lawsuit?

If you have any questions about the case, please contact attorney Ian Samson at (866) 981-4800 or fill out the form to the right to receive email updates about the progress of the case.

Why Girard Gibbs LLP?

Girard Gibbs is a national litigation firm representing consumers, investors, employees, and small businesses in cases involving consumer protection, personal injury, securities, antitrust, and employment laws. The firm’s senior partners, Daniel Girard and Eric Gibbs, have been selected for inclusion in The Best Lawyers in America® 2012 and Northern California Super Lawyers, and have earned AV-Preeminent ratings from Martindale-Hubbell, recognizing them in the highest class of attorneys for professional ethics and legal skills.