broker defamation
Arbitration, Brokers

UBS Pays $14.1 Million Defamation Award to Compliance Officer

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 termination filing, which accused him of failing to supervise employees executing uncovered options strategy in accounts and of giving “varied responses” during the firm’s review of his activities.

Termination for “varied responses” is apparently the new UBS excuse for an unwarranted termination. They “interview” the target on multiple occasions, and when the responses aren’t identical, they terminate the target for giving “varied responses.”

Not a good look for a major brokerage firm.

Our original post on the case – https://www.seclaw.com/ubs-keeps-losing-its-attempt-to-vacate-11-mln-finra-award/

Sallah Astarita & Cox, LLC is a national securities law firm which represents advisors in their employent disputes with their brokerage firms. To learn more, call them at 212-509-6544.

The Securities Lawyer