UBS loses first Lehman note arbitration case in US

The US Financial Industry Regulatory Authority (Finra) has ordered UBS Financial Services to pay nearly $200,000 in costs and compensation following its sale of Lehman Brothers-backed notes to an individual investor.

Patricia Flanagan, from South Carolina, placed $225,000 in a Lehman Brothers-backed principal-protected note (PPN) and $75,000 in a Return Optimisation note in February 2008 via her UBS broker. Both products were left nearly worthless when the investment bank collapsed six months

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