UBS Financial Services Inc. ("UBS") is an institutional brokerage firm that provides wealth management services to its clients.

According to the Complaint filed March 04, 2010, the Defendants failed to inform Plaintiff and Class Members that LBHI intended to use the proceeds from Lehman Principal Protection Notes for general operating purposes for its operating units and subsidiaries. Defendants also failed to inform Plaintiff and Class Members, among other things, that there was a risk that the Lehman Principal Protection Notes would be subject to a diminution in value or worthless in light of LBHI's undisclosed risk of losses from its real estate and mortgage investments, insufficient resources and questionable accounting practices.

On April 15, 2010, the case was transferred from the U.S. District Court for the District of New Jersey to the Southern District of New York as case 1:10-cv-03190. The case was also accepted as related to an existing Multidistrict Litigation, case number 1:09-md-02017-LAK.

On April 3, 2012, the Court issued an Order granting with prejudice the Individual Defendants' Motion to Dismiss.