Lehman structured note investors have reason to celebrate again. With the latest Financial Industry Regulatory Authority (FINRA) arbitration ruling announced last week, UBS customers who lost money on Lehman Brothers principal protected notes are now five for five, with the decisions going against UBS and in favor of the customers in every reported case.
In the latest reported arbitration award, the FINRA panel awarded more than $400,000 and to a pair of investors who bought Lehman Brothers structured notes, including principal-protected notes, from UBS in early 2008.
These notes were among $1 billion worth of Lehman products that UBS sold to U.S. investors, according to a UBS statement to Bloomberg.
Other brokerages, including Raymond James and Credit Suisse, also pushed Lehman structured products to their clients. The products are now virtually worthless following the Lehman bankruptcy in September 2008.
This FINRA ruling and growing number of big and small investors lining up to recover losses from UBS underscores the gross negligence UBS demonstrated when it pushed the now nearly worthless Lehman structured products on unwitting investors. It also reveals the growing momentum for those wronged investors who choose to seek legal counsel in attempting to recover their losses from UBS.
Vernon Litigation Group began filing claims against UBS on behalf of investors in early 2009 and has filed almost $2 million in Lehman note arbitration claims against UBS on behalf of investors in the past 2 months alone.
A significant number of individual investors represented by Vernon Litigation Group have had Lehman principal protected note losses in excess of $500,000. The international media have recognized Vernon Litigation Group’s investigative efforts involving Lehman notes and individuals from overseas, especially from the U.K., are contacting Vernon Litigation Group to assist them in pursuing UBS in connection with the sale of Lehman structured notes in Europe.
Based on the investigation by Vernon Litigation Group, it appears that UBS even misled its own financial advisors regarding the safety of the Structured Notes, including the Lehman Principal Protected Notes, that UBS so heavily promoted.
Vernon Litigation Group is currently representing multiple Lehman structured product investors in FINRA arbitration.
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email: info@vernonlitigation.com