A class-action lawsuit filed against UBS Financial Services, Inc., accusing the bank of charging storage fees for silver bars that were never actually purchased, segregated, or stored for the plaintiff, Laurin Ramsey, and potentially other customers. The lawsuit alleges that customers were misled into paying for a service that was never rendered, as the silver they thought was being stored on their behalf does not exist.
This case echoes a similar lawsuit filed against Morgan Stanley in 2007 over unallocated metals storage and the charging of storage fees for nonexistent metals.
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