Coral Gables (Fla.) Retirement System will file suit against its former investment consultant, UBS Financial Services, said Kimberly V. Groome, administrator. The $200 million plan claims UBS' failure to recommend asset allocation changes cost the plan more than $50 million between 2001 and 2002. Ms. Groome was not sure when the lawsuit will be filed and Curtis Carlson, the lead attorney representing Coral Gables, did not return a call by press time.
"UBS disagrees with the ... recommendation to proceed with litigation," said Peter Casey, UBS spokesman. "We will vigorously defend any claims, as we believe them to be wholly without merit."