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.
UBS slipped the provision into the bonus agreement, without advising their brokers of this significant and dramatic change in the relationship. Many fear that the move is the start of an aggressive move to sue brokers who leave the firm, ultimately destroying careers and broker-customer relationships.
Mark J. Astarita, Esq. is a securities lawyer who represents investors, financial professionals and firms in litigation, arbitration and regulatory matters across the country. He is a partner in the national securities law firm of Sallah Astarita & Cox, LLC and can be reached by email at firstname.lastname@example.org or by phone at 212-509-6544.
Follow us on Twitter, Facebook and The Securities Law Blog .
The information on this website is for general information purposes only and may be considered attorney advertising. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.