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VANCOUVER, British Columbia, March 03, 2022 (GLOBE NEWSWIRE) Arras Minerals Corp. (“Arras”) is pleased to announce the appointment of Ms. Vera Kobalia. ....
(Bloomberg) UBS Financial Services cost clients “at least tens of millions of dollars” by incorrectly reporting tax information to holders of taxable municipal bonds, a lawsuit alleges. The bank, which oversees more than $90 billion of municipal bonds, didn’t report amortizable bond premium on forms clients use to prepare tax returns, resulting in “substantial” overstatement of taxable income and overpayment of taxes, according to a proposed class action suit filed on Tuesday in New Jersey federal court. U.S. Treasury rules allow investors who buy a taxable bond for more than its face value to amortize the premium over the remaining life of the bond to reduce taxable income. But UBS reported only the gross amount of interest on clients’ federal 1099 forms, the suit alleges. UBS spokeswoman Alison Keunen said the bank disputes the allegations in the suit and intends to vigorously defend itself. The Swiss bank has more than 1 million clients. Richard M. Goodman brought the ....