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Class-action suit accuses UBS of charging storage for imaginary silver
2:26p ET Wednesday, March 23, 2011
Dear Friend of GATA and Gold (and Silver):
A class-action lawsuit filed in federal court in New York accuses UBS Financial Services of misleading investors in silver and charging them storage fees for metal that was never actually purchased, segregated, and stored for them.
The lawsuit resembles one against Morgan Stanley that the investment house settled for $4.4 million three years ago:
http://www.reuters.com/article/2007/06/12/idUSN1228014520070612
The lead plaintiff in the suit against UBS is Ramsey Personal Trust, which is represented by the law firm of Schoengold & Sporn, P.C., 19 Fulton St., New York, N.Y., 10038. Handling the case is lawyer Samuel P. Sporn. Precious metals investors who are concerned about storage fees they have paid to UBS and seek more information about the lawsuit can telephone Sporn at 212-964-0046.
The lawsuit can be found here:
http://www.gata.org/files/RamseyV.UBS_.pdf
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
The Gold Standard Now: It Can Work
Today a dollar is worth 80 percent less than it was 40 years ago, and less than 5 percent of its value a hundred years ago. We deserve a dollar that is as good as gold, a dollar that will hold its value from year to year so we can be financially secure and our economy can generate more and better jobs.
For most of America's history, our dollar was literally as good as gold. But on August 15, 1971, our politicians destroyed the link between gold and the dollar. They destroyed the foundations of our economic system.
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Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit, Extending the Mineralization of the Southwest Vein on the Property
Company Press Release, October 27, 2010
VANCOUVER, British Columbia -- Sona Resources Corp. reports on five drillling holes in the third round of assay results from the recently completed drill program at its 100 percent-owned Elizabeth Gold Deposit Property in the Lillooet Mining District of southern British Columbia. Highlights from the diamond drilling include:
-- Hole E10-66 intersected 17.4g gold/ton over 1.54 metres.
-- Hole E10-67 intersected 96.4g gold/ton over 2.5 metres, including one assay interval of 383g of gold/ton over 0.5 metres.
-- Hole E10-69 intersected 85.4g gold/ton over 4.03 metres, including one assay interval of 230g gold/ton over 1 metre.
Four drill holes, E10-66 to E10-69, targeted the southwestern end of the Southwest Vein, and three of the holes have expanded the mineralized zone in that direction. The Southwest Vein gold mineralization has now been intersected over a strike length of 325 metres, with the deepest hole drilled less than 200 metres from surface.
"The assay results from the Southwest Zone quartz vein continue to be extremely positive," says John P. Thompson, Sona's president and CEO. "We are expanding the Southwest Vein, and this high-grade gold mineralization remains wide open down dip and along strike to the southwest."
For the company's full press release, please visit:
http://sonaresources.com/_resources/news/SONA_NR19_2010.pdf
