Tr?id=566623520170033&ev=PageView&noscript=1

UBS Agrees to Settle Class-Action Municipal Bonds Suit for 2.5 million

Posted on July 17th, 2023 at 9:08 AM
UBS Agrees to Settle Class-Action Municipal Bonds Suit for 2.5 million

From the desk of Jim Eccleston at Eccleston Law 

In the case Goodman v. UBS Financial Services, 21-cv-18123, U.S. District Court, New Jersey, a federal judge in New Jersey gave preliminary approval to UBS Financial Services’ $2.5 million deal on Wednesday. A hearing has been scheduled in December to make a final determination and approval.

The settlement of $2.5 million will settle a class-action lawsuit claiming the bank provided inaccurate tax information to holders of taxable municipal bonds. Richard Goodman, the class representative, who bought taxable municipal bonds in accounts maintained by UBS, claimed the bank, which was overseeing more than $90 billion of municipal bonds, didn’t report amortizable bond premiums on forms clients used to prepare tax returns, resulting in an overstatement of income and tax payments.

The settlement, reached after private mediation, didn’t specify how many clients would be part of the class, but there are “likely at least hundreds,” according to the filing. Attorneys for UBS and Goodman didn’t return messages seeking comment on Friday.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

 

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

The work that you and your team have performed on my behalf is exemplary.

JT

LATEST NEWS AND ARTICLES

1790182800 Law
September 23, 2026
SEC Warns Investors About Pre-IPO Investment Scams

The SEC's Office of Investor Education and Advocacy (OIEA) has issued an Investor Alert warning investors about scams that falsely offer opportunities to purchase "pre-IPO" shares of companies.

1790092133 Law
September 22, 2026
Wells Fargo Advisors Continue Manual Trading Amid Vendor Disruption

Wells Fargo Advisors brokers continued placing trading orders by phone and email as a disruption involving an outside vendor persisted for a second week.

1790008446 Law
September 21, 2026
Blackstone Limits Withdrawals From Blackstone Private Credit Fund

Blackstone's flagship private credit fund faces continued pressure from investors seeking liquidity.