Legal Investigation into Lehman “Principal Protected” Notes
Class Action Lawsuit Filed
On November 6, 2008, Girard Gibbs filed a class action lawsuit on behalf of persons who purchased Lehman Principal Protection Notes from UBS Financial Services Inc., between May 30, 2006 and September 15, 2008, inclusive. The class action lawsuit alleges that defendants deceived investors as to the risks of investing in the Notes and that UBS offered and sold the Notes as suitable for investors seeking to protect their entire principal investment. Following Lehman Brothers’ bankruptcy filing on September 15, 2008, Lehman Principal Protection Notes went into default, causing the holders of these Notes to become senior unsecured creditors in Lehman’s bankruptcy proceeding. These investors may stand to lose all or substantially all of their principal investments.
Have you suffered significant losses in structured investments that were marketed as “100 percent principal protected?”
Girard Gibbs is currently investigating consumer complaints that certain brokerage firms misled their clients into purchasing “100 percent principal protected” notes, through assurances that their principal investment would be fully protected. Certain brokerage firms including UBS, Raymond James, Merrill Lynch, JP Morgan, Fidelity, and Wachovia, marketed and are alleged to have sold principal protected notes to their clients, specifically targeting conservative, risk-averse investors who were seeking to preserve their capital and generate income. In fact, these notes subjected investors to significantly more risk than was disclosed and, following Lehman Brothers’ bankruptcy filing and other financial events in September, holders of these principal protected notes (PPNs) faced losses, in some cases, of their entire principal investment.
If you believe that you may have been misled as to the risk of your principal-protected notes and wish to learn more about our investigation, please fill out the form below or call us toll free at (866) 981-4800.
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Why Girard Gibbs LLP?
Girard Gibbs, a national litigation firm specializing in securities litigation, consumer class actions and complex business litigation, has recovered more than a billion dollars on behalf of its clients. Girard Gibbs' managing partner Daniel Girard was recently voted one of Northern California's Super Lawyers by Law & Politics, recognizing him as one of the top 5-percent of attorneys practicing in Northern California.
