Fuel-cell system manufacturer Plug Power Inc. has settled a lawsuit against UBS Financial Services Inc. alleging the firm mismanaged $62.87 million of Plug’s investments.
The Latham, N.Y., company (Nasdaq: PLUG) sued UBS in U.S. District Court in May, claiming the Swiss investment firm improperly invested the money in “unsuitable and illiquid” auction-rate securities. The securities are bonds whose interest rates are reset through periodic auctions.