{"id":5404,"date":"2013-02-14T00:00:00","date_gmt":"2013-02-14T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2013\/02\/ubs_fails_in_bid_to_block_125m_1"},"modified":"2022-05-02T15:36:03","modified_gmt":"2022-05-02T20:36:03","slug":"ubs-fails-in-bid-to-block-125m-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ubs-fails-in-bid-to-block-125m-1\/","title":{"rendered":"UBS Fails in Bid to Block $125M ARS Arbitration Case by Allina Health System"},"content":{"rendered":"

A district court judge in Minnesota has ordered a $125 million auction-rate securities arbitration case filed by Allina Health System against UBS (UBS) <\/a> to proceed.<\/p>\n

U.S. District Judge Michael Davis found that claimant Allina is indeed a UBS client even though the financial firm had argued that under Financial Industry Regulatory Authority rules ARS issuers are not underwriter customers. The Minnesota non-profit healthcare system had filed its securities claim over ARS it issued in October 2007 that were part of a $475 million bond issuance to finance renovations and remodeling, as well as refinance debt. UBS was its underwriter.<\/p>\n

Allina contends that the market collapsed in 2008 because UBS and other financial firms stopped putting in support bids to keep auctions from failing. The healthcare group says that because of this, it had to pay a great deal of money to refinance the securities and make higher bound payments after losing its bond insurance. Allina claims that UBS did not properly represent the ARS market risks, breached its fiduciary duties, and violated state and federal securities laws.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

A district court judge in Minnesota has ordered a $125 million auction-rate securities arbitration case filed by Allina Health System against UBS (UBS) to proceed. U.S. District Judge Michael Davis found that claimant Allina is indeed a UBS client even though the financial firm had argued that under Financial Industry Regulatory Authority rules ARS issuers […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3865,3752,3755],"tags":[],"class_list":["post-5404","post","type-post","status-publish","format-standard","hentry","category-auction-rate-securities","category-financial-firms","category-ubs"],"yoast_head":"\nUBS Fails in Bid to Block $125M ARS Arbitration Case by Allina Health System — Investor Lawyers Blog — February 14, 2013<\/title>\n<meta name=\"description\" content=\"A district court judge in Minnesota has ordered a $125 million auction-rate securities arbitration case filed by Allina Health System against UBS (UBS) to — February 14, 2013\" \/>\n<meta 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