May 20, 2020 / 12:36 AM / 14 days ago

Lawsuit says UBS allowed looting of accounts to fund 'Bull Durham,' 'Smokey Joe's Cafe'

UBS AG was sued on Tuesday by two companies seeking to recoup $3.5 million they said the Swiss bank allowed to be looted from their accounts, and which was intended to finance stage productions of “Bull Durham” and “Smokey Joe’s Cafe.”

Player to be Named Later LLC and Smokey Joe’s Cafe Broadway LLC accused UBS of aiding and abetting fraud, breaching its fiduciary duty, gross negligence, negligent supervision and other wrongdoing in their lawsuit in Manhattan federal court.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2AC0U1B

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