Hubbard & Biederman LLP

Brokerage Firm Sweep Accounts

Hubbard & Biederman and co-counsel filed a Class Action Complaint against UBS Financial Services, Inc. in the United States District Court of Colorado challenging UBS Financial’s adoption of a deposit sweep account program that automatically transfers un-invested funds in certain accounts to low-interest paying accounts at its affiliate, UBS Bank. Plaintiff claims that this practice violates fiduciary duties and duties of good faith and fair dealing owed to UBS's brokerage customers.

To view a copy of the Amended Class Action Complaint, click here.

To view an article appearing in the National Law Journal regarding this lawsuit, click here.

If you are a current or former UBS customer or another brokerage firm whose un-invested cash funds were automatically swept into an account at UBS Bank or the affiliated bank of another brokerage firm, we are interested in talking with you. Please contact us.