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

Thank you for your professional assistance with this matter. You are very good at what you do.

John T.

LATEST NEWS AND ARTICLES

1783357679 Law
July 6, 2026
Schwab Imposes New Limits on Tax-Aware Long-Short Investment Strategies

Charles Schwab Corp.

1783012078 Law
July 2, 2026
Financial Services Institute Backs New Jersey Bill Protecting Independent Advisor Model

The Financial Services Institute (FSI) has urged New Jersey lawmakers to advance legislation that would help preserve the independent contractor status of financial advisors operating in the state.

1782920284 Law
July 1, 2026
Private Credit Funds Face Scrutiny Over Software Exposure Amid Investor Concerns

Private credit fund managers are facing increased scrutiny over their exposure to software companies as investors continue to pull money from the sector during ongoing market volatility.