Finra and Wall Street dismiss law firm's criticism of UBS case

The law firm representing investor claims against UBS has called the fine imposed on the bank "paltry", but its criticisms have been dismissed by industry participants

UBS was fined for failing in disclosure to investors and its sales force

The US Financial Industry Regulatory Authority (Finra) and Wall Street have rejected criticisms of the fine handed out to UBS for selling Lehman Brothers structured products to its clients after the law firm handling investors' claims called the amount "paltry" and accused Finra of taking too long to act.

Last week Finra imposed a $2.5 million fine on UBS Financial Services and ordered it to pay $8.25 million in restitution to clients who lost money on Lehman-backed principal-protected notes

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