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 from the bottom of our hearts for all you have done for us. When we realized this was a very bad investment - we did not know where to turn for help. Then we received your name. When we called you - you were so kind to us and then agreed to help us. For this we are so very grateful. The world would be a much nicer place if there were more people like the two of you in it. We will always remember all the help and kindness you have shown us. Thank you so very very much for everything.

Wayne and Judy S.

LATEST NEWS AND ARTICLES

1787679428 Law
August 25, 2026
Ameriprise Broker Sues LPL-Affiliated Practice Over Use of "Kindred" Name

AdvisorHub reports that an Ameriprise Financial broker in Oklahoma has filed a trademark infringement lawsuit against an LPL Financial-affiliated practice over its use of the word "kindred" in its name.

1787592120 Law
August 24, 2026
Sophisticated Voice Phishing Attacks Target Major Wall Street Firms

According to ThinkAdvisor, hackers recently launched a series of sophisticated cyberattacks against major Wall Street firms, including prominent hedge funds and private equity companies.

1787342003 Law
August 21, 2026
Rising Market Leverage Raises Concerns About Financial Stability Despite Low Volatility

The leverage that has helped drive the U.S.