UBS Financial Services is currently facing legal challenges as a lawsuit has been sent back to state court. The firm will have to defend itself against allegations of not fulfilling its fiduciary duty.

Richard and Arline Agay have filed a lawsuit claiming that UBS advisor Gregory Geller recommended the purchase of First Republic Bank stock without disclosing important information about the bank's declining financial condition. The Agays argue that they were not aware of the bank's problems until regulators intervened and took over the institution in April 2023. They believe that if they had known about the bank's issues, they would have sold their holdings in March 2023, before the bank suspended its operations.

This case brings attention to ongoing concerns about fiduciary responsibilities in financial advisory practices.