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

You were most helpful with my FINRA deposition. You are a good lawyer and a good person.

Dan B.

LATEST NEWS AND ARTICLES

February 12, 2026
CFTC Signals New Rulemaking for Prediction Markets and Crypto Oversight

The Commodity Futures Trading Commission (CFTC) plans to develop new regulations governing the growing prediction markets industry, Chairman Michael Selig announced, signaling a shift in regulatory strategy.

February 11, 2026
Ameriprise Advisor Phishing Incident Potentially Exposes Client Data

A phishing incident involving an Ameriprise Financial advisor potentially exposed the personal information of hundreds of clients, according to a disclosure posted by the Maine Attorney General’s office.

February 10, 2026
Merrill Lynch Expands Client Disclosures on Crypto and AI Risks

Merrill Lynch updated its required client disclosure brochure to address, for the first time, the evolving risks tied to cryptocurrency-linked investments and the firm’s expanding use of Artificial Intelligence tools.