UBS is charging storage for imaginary silver

Class-action suit accuses UBS of charging storage for imaginary silver

Submitted by cpowell on Wed, 2011-03-23 18:25. Section: Daily Dispatches

2:26p ET Wednesday, March 23, 2011

Dear Friend of GATA and Gold (and Silver):

A class-action lawsuit filed in federal court in New York accuses UBS Financial Services of misleading investors in silver and charging them storage fees for metal that was never actually purchased, segregated, and stored for them.

The lawsuit resembles one against Morgan Stanley that the investment house settled for $4.4 million three years ago:

http://www.reuters.com/article/2007/06/12/idUSN1228014520070612

The lead plaintiff in the suit against UBS is Ramsey Personal Trust, which is represented by the law firm of Schoengold & Sporn, P.C., 19 Fulton St., New York, N.Y., 10038. Handling the case is lawyer Samuel P. Sporn. Precious metals investors who are concerned about storage fees they have paid to UBS and seek more information about the lawsuit can telephone Sporn at 212-964-0046.

The lawsuit can be found here:

http://www.gata.org/files/RamseyV.UBS_.pdf

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.