Gibbs Law Group 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 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 Gibbs Law Group, as a member of the Plaintiffs’ Executive Committee, responsible for coordinating pretrial activities and representing plaintiffs’ interests before the Court.
Current Case Status
Settlements Reached with Former Lehman Directors and Officers and Underwriter Defendants
A $90 million settlement was reached to settle claims against some of the defendants in the case, specifically Lehman’s former directors and officers. This settlement is designed to benefit class members who purchased qualifying principal protection notes and other Lehman-issued structured products, but does not affect the case against UBS.
Both the Directors & Officers and Underwriter settlements were approved in 2012.
Settlement Reached with UBS
We have reached a $120 million settlement with UBS Financial Services, Inc. On September 16, 2013, the Honorable Lewis A. Kaplan of the Southern District of New York issued an order authorizing our firm to mail notice of the settlement and preliminarily certifying a settlement class. On December 10, 2013, the Court approved the settlement.
The settlement class includes all persons and entities that bought or otherwise acquired any of the Lehman-issued structured products listed in this chart and who were damaged thereby. For important information about the settlement, including your rights in connection with the settlement, please read the Notice, which can be downloaded from the Notice page on www.LehmanSPSettlement.com.
What Happens Next?
The Claims Administrator for the settlement mailed Notices and Claim Forms to individuals and entities who are believed to be members of the proposed settlement class. You must fill out and submit a Claim Form to be eligible to receive a distribution from the settlement. Claim Forms must be postmarked no later than February 4, 2014. For more information about submitting a claim, please visit the settlement webiste (http://LehmanSPSettlement.com) or call the toll-free settlement hotline at 888-211-3565.
Questions about the Lehman/ UBS Class Action Lawsuit?
If you have any questions about the case, please call (866) 981-4800 or fill out the form to the right to receive email updates about the progress of the case.