UBS Puerto Rico Secures Dismissal of Remanded Shareholder Derivative Claims

Skadden secured the dismissal of remanded shareholder derivative claims brought against UBS Financial Services Incorporated of Puerto Rico, UBS Trust Company of Puerto Rico and directors of UBS-managed mutual funds alleging violations of federal securities and Puerto Rico laws. On July 9, Judge Aida M. Delgado-Colon of the U.S. District Court for the District of Puerto Rico agreed with Skadden's argument that the plaintiffs lacked standing and dismissed the claims without prejudice.