UBS AG, an investment bank that participated in selling securities tied to the price of WorldCom Inc.’s stock, has been dismissed from the class action lawsuits filed over those securities after the giant telecom firm’s collapse. Judge Denise Cote, of the Southern District of New York, granted a motion made UBS’s lawyers to dismiss their client, ruling that the bank's statements about the WorldCom’s stock prices do not support any action under federal statutes.
Posted by Webmaster at January 12, 2004 04:13 AM