Reactions to story from Business news blog - Times Union Albany NY - The Buzz: Business news - timesunion.com - Albany NY
Plug Power suing UBS for nearly $63 million
http://blogs.timesunion.com/ business/ ?p=3605
Fuel cell manufacturer Plug Power Inc. in Latham is suing UBS AG for $62.8 million, claiming the company’s brokerage arm improperly invested tens of millions of dollars of the company’s money. Plug says that UBS Financial Services invested $62.8 million in “unsuitable and illiquid investments” called auction rate securities. The investment represented 44 percent of Plug’s investment portfolio. Plug filed the lawsuit Thursday in U.S. District Court in Albany. Plug was told in February that the auction rate securities market has “seized up” and that the company could not liquidate the holdings.
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