Defendant Name:
UBS Securities LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
UBS AG
SIC Code:
6029
CUSIP:
H8920M85
Document Reference:
comp18112
Document Details
Legal Case Name
SEC v. UBS Warburg LLC
Document Name
Complaint
Document Date
28-Apr-2003
Document Format
Civil Proceeding
Case Number
03-cv-02943
Federal District Court
New York, Southern District of New York
Allegation Type
Investment Advisers/Investment Companies
Document Summary
According to the SEC: "Defendant engaged in acts and practices that created and/or maintained inappropriate influence by investment banking over research analysts, thereby creating conflicts of interest for its research analysts. Defendant failed to manage these conflicts in an adequate manner. During this time period, Defendant offered its research analysts and securities research coverage in order to assist in gaining investment banking business and receive investment banking fees. It also received payments from other investment banks to cover their investment banking clients, and made payments to other securities firms primarily for research coverage for its investment banking clients. In addition, Defendant compensated its research analysts based in part upon their contributions to Defendant's investment banking business. These relationships and activities constituted substantial conflicts of interest for Defendant's research analysts."