Coral Gables (Fla.) Retirement System will file suit against its former investment consultant, UBS PRIME Asset Consulting, said Kimberly V. Groome, administrator. The $200 million plan claims UBS PRIME's 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."
