Denver federal district court judge Robert Blackburn granted UBS's motion for summary judgment in a case involving a fundamental revenue practice for banks. The ruling was welcomed by UBS's lawyers from Holland & Hart and Kirkland & Ellis.
The plaintiffs alleged that UBS breached its fiduciary duty and its covenant of good faith with depositors when it placed their non-invested money in lower-interest accounts instead of money market accounts. Holland & Hart moved for summary judgment in May, arguing that UBS made adequate disclosure of its practices to depositors and that it complied with its customer agreements. Judge Blackburn agreed in his ruling on March 24.
Read more about the ruling in The AmLaw Litigation Daily, here.
Comments