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UBS Employee Reportedly Leaked Info On GM IPO

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DETROIT — A person briefed on the matter says Swiss bank UBS is no longer working on General Motors' initial stock offering because a bank employee leaked information about the sale in an e-mail.

GM disclosed the e-mail in a filing with the Securities and Exchange Commission on Wednesday. The filing says investors who buy GM stock could seek refunds or damages because of it.

UBS and the SEC would not comment.

The person would not say what the e-mail said or where it was distributed. The person did not want to be identified because the bank has not been publicly named as the source of the e-mail.

GM's owners, including the U.S. government, plan to sell about $10 billion in common stock on Nov. 18.

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