A buyer of sophisticated bonds of Lehman Brothers Holdings Inc (LEHMQ.PK: Quote, Profile, Research, Stock Buzz) sued executives of the bankrupt investment bank and underwriter UBS Financial Services Inc on Friday, claiming they misrepresented the risks of the securities.
The lawsuit filed in U.S. District Court in Manhattan seeks class action status on behalf of holders of Lehman Principal Protection Notes who stand to lose all or most of their investments since the 185-year-old investment bank went bankrupt on Sept. 15.
The notes, purchased by the plaintiff, identified as investor Stephen P. Gott, between May 30, 2006 and Sept. 15 of this year are in default since Lehman filed for bankruptcy.
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