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Case ID: 4418 | Credit / Debt | 02/23/2006
A class action has been filed on behalf of customers of UBS-AG against the broker/dealer, alleging that it failed to disclose that is was engaged in a scheme to "aggressively push UBS sales personnel to steer clients into purchasing" UBS Funds.
The purchases allegedly included offerings in several mutual fund families, and provided financial incentives and rewards to staff, thus creating "an insurmountable conflict of interest." The suit, filed in U.S. District Court for the Southern District of New York, also charged that UBS unit UBS Global Asset Management did not disclose revenue-sharing agreements, and that the investment advisers charged "excessive and improper" fees for the arrangements, money that should have been invested in the underlying portfolio of mutual funds. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Credit / Debt Cases of Interest A class action lawsuit has been filed in the Eastern District Court of Pennsylvania against NCO Financial Systems, Inc. for violations of the Fair Debt Collection Practices Act (FDCPA) which prohibits debt collectors from engaging in abusive, deceptive and unfair collection practices. Class members seek damages, attorney's fees and costs of the litigation. American Express Financial Advisors (AEFA), a division of American Express, was served August 1, 2005 with a motion that asked Federal Court in Arizona to certify a class of more than 500,000 former AEFA clients. The motion was filed by leading plaintiffs attorneys in Arizona. In the Class Certification motion, the former clients allege that AEFA violated fiduciary duties and perpetrated a scheme to defraud its investing clients through the Company's sale of Financial Plans. Lenders have to be very careful to correctly tell debtors their rights, or they will find themselves the subject of legal action. A class action has been filed against mortgage servicing company Fairbanks Capital Corporation on behalf of homeowners who allege that the company violated the federal Fair Debt Collection Practices Act and the Illinois Consumer Fraud Act when it allegedly attempted to foreclose on non-delinquent loans and failed to disclose certain information required by the acts. The action seeks unspecified damages, and an order that will force Fairbanks to stop its allegedly predatory lending practices. A class action lawsuit has been filed in the Eastern District Court of New York against Eckerd Corporation, a Florida based retailer, for violations of the Fair Debt Collection Practices Act. Class members seek injunctive and declaratory relief as well as damages, attorney's fees and costs. Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of Radian Group Inc. (“Radian” or the “Company”) (NYSE:RDN - News) who purchased securities of the Company between January 23, 2007 and July 31, 2007 (the "Class Period"), have until October 15, 2007 to move for appointment as Lead Plaintiff in a securities class action lawsuit currently pending in the United States District Court for the Eastern District of Pennsylvania. No class has yet been certified in this action. A class action has been filed against First Union Bank and members of its retained law firm for violations of the Fair Debt Collection Practices Act for deceptive banking acts, statutory deception and for money had and received. He seeks damages, costs and attorneys' fees. |
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