UBS Secures Dismissal of Derivative and Class Action Claims

Skadden obtained the dismissal of 11 actions against UBS Financial Services, Inc. of Puerto Rico, UBS Trust Company of Puerto Rico and several directors, alleging derivative claims, class action claims for breach of ERISA fiduciary duties, and one claim for attorneys’ fees and prejudgment interest brought by two Puerto Rican welfare plans that owned stock in the UBS funds. On April 8, Judge Aida M. Delgado-Colon of the U.S. District Court for the District of Puerto Rico released her decision, agreeing with the defendants and dismissed the claims entirely, without prejudice.