UBS Financial Services has filed a complaint with a US court in an effort to block a securities fraud arbitration claim brought forward by an investor as he is not a UBS customer.
A 73-year-old retiree investor (Michael Buckner) filed the claim in relation to UBS leveraged exchange traded notes and is representing himself in the arbitration. He purchased the note via a Morgan Stanley brokerage account upon reading UBS’s relevant materials, according to the Finra arbitration claim. The investor argued that the bank’s mandatory redemption of its ETRACS Monthly Pay 2x Leveraged Closed-End Fund Series ETN (due 10 December 2043) in the volatile period of March, ca
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