The Law of the Financial Markets from Top Securities Lawyers
Monday, October 14, 2024
After years of appealing the arbitrators’ decision, UBS finally pays. The appeals of the original arbitration award increased the amount UBS had to pay by a reported $3 million. According to AdvisorHub, in his arbitration complaint filed in June 2018, the compliance officer alleged UBS defamed him on his U5 […]
Investors who lost money in UBS’ Yield Enhancement Strategy (YES) may be able to recover their losses
The Securities and Exchange Commission today filed a settled action against UBS Financial Services Inc. for compliance failures relating to sales of a volatility linked exchange-traded product (ETP). This is the sixth matter arising from the Enforcement Division’s ETP Initiative. As described in the SEC’s order, the ETP at issue […]
Back in December 2019 UBS lost an arbitration case brought by Mark Munizzi, a former UBS regional compliance officer in Chicago, whom the wirehouse fired in 2018. His claim was based on his allegations UBS defamed him with the language it put on his U5 form filed with the Central […]
Punitive damage awards in arbitration are rare. I was able to obtain one against a major brokerage firm years ago for a disabled investor, but they don’t happen often. However, last year a FINRA arbitration panel ordered UBS to pay $7.5 million in punitive damages to a compliance officer who […]
According to an article in AdvisorHub, UBS Orders Fee Waivers, Loan Discounts on Reassigned Accounts, UBS is drastically waiving fees and commissions for accounts of brokers who have left the firm, in a desperate attempt to keep those clients, and their assets. The fee waiver is causing concern for brokers who […]
UBS customers who have lost money in the UBS Yield Enhancement Strategy (UBS YES), and who have filed arbitration claims against UBS to recover their losses are having their cases move to hearings before FINRA. UBS YES involved investing in options with a complex series of put and call spreads […]
Only a few months after withdrawing from the Protocol, UBS Financial Services is requiring brokers waiting for their 2017 bonuses to sign agreements that open them to lawsuits and arbitration complaints if they try to contact former clients within 12 months of leaving the U.S. broker-dealer unit of the Swiss bank. […]
“These cases reflect a sad chapter in the history of American business — a chapter in which those who reaped enormous benefits from the trust of investors profoundly betrayed that trust. These cases also represent an important new chapter in our ongoing efforts to restore investors’ faith in the fairness […]
