Wealthcare Capital Management, a Virginia-based asset management and advisory firm, has filed a patent infringement lawsuit against UBS Financial Services in the US, in relation to the use of its MoneyGuidePro system.

Wealthcare alleges that UBS and its advisors made use of the MoneyGuidePro sytem without its permission.

"Our recently issued patents validate that our Wealthcare process is groundbreaking. It would be unfair for UBS, or any other organization or individual advisor, to use our intellectual property without our permission and without fairly compensating us," said David Loeper, founder and chief investment officer of WealthCare and chairman of Financeware, the parent firm. 

The company is seeking monetary damages, as well as an injunction against UBS' use of the patented financial advisory system. The case was filed in the US District Court for the Southern District of New York. 

UBS has yet to comment on the matter.