Trust beneficiaries have brought suit against UBS Financial Services alleging that the company mismanaged trust funds, which was a breach of fiduciary duty. The beneficiaries are seeking a judgment of $4.5 million. One beneficiary bringing suit is Sanchez Carmona, who claims that in addition to mismanagement of the trust the company also failed to notify her that she was a beneficiary of the trust after her husband died in 2003, falsely listed her husband as a resident of Puerto Rico, and claimed in a 2010 government filing that he was still alive.
See Brian Mahany, UBS Financial Services Accused of Trust Fraud, The National law Review, Jan. 28, 2015.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
