While the Archegos Capital dilemma has cost UBS and its brokerage unit nearly $744 million, CEO Ralph Hamers announced plans to alter his predecessor’s setting of lending target for wealth management clients.
Tagged with "UBS"
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UBS Scrutinizes Lending to High-Net-Worth Clients in Midst of ArchegosUBS Scrutinizes Lending to High-Net-Worth Clients in Midst of Archegos
Posted on June 24th, 2021 at 12:57 PM
Morgan Stanley Team Concedes to Injunction After Leaving UBS
Posted on May 18th, 2021 at 1:29 PM
According to court filings, a New York-based Morgan Stanley team has agreed to a customer solicitation ban after leaving UBS Wealth Management in April.
Illinois Court Upholds $11 Million Arbitration Award Against UBS
Posted on December 3rd, 2020 at 3:34 PM
In December 2019, a FINRA arbitration panel ordered UBS Wealth Management USA to pay a former employee $11 million for defamatory statements UBS made on that individual’s Form U5 filed with FINRA.
UBS Agrees to Pay $10 Million to Settle SEC Charges
Posted on July 27th, 2020 at 4:23 PM
UBS Financial Services Inc. has agreed to pay $10 million to settle charges brought by the U.S. Securities and Exchange Commission (‘SEC”) that UBS circumvented the priority given to retail investors for certain municipal bond offerings.
UBS Sues Former Advisor
Posted on June 11th, 2020 at 4:22 PM
UBS Wealth Management USA has filed a lawsuit against former advisor, Alexandra VanMeurs. After 13 years at UBS, VanMeurs left the firm in May to join Morgan Stanley. UBS is seeking to enjoin VanMeurs from calling clients she serviced at UBS. Although such lawsuits are not uncommon in the industry, the case has an interesting twist.
UBS Sued for Alleged Failure to Supervise Fraud
Posted on May 29th, 2020 at 11:40 AM
UBS has been sued by two theater production companies, Player to be Named Later and Smokey Joe’s Café Broadway Revival, which alleged that the bank’s negligence allowed the theater companies to be defrauded. According to the Complaint filed in federal court, UBS breached its fiduciary duty and was guilty of negligent supervision.
FINRA Orders UBS to Pay Over $11 Million in Defamation Case
Posted on December 17th, 2019 at 2:54 PM
The Financial Industry Regulatory Authority (“FINRA”) ordered UBS Financial Services Inc. to pay more than $11 million to a former supervisor who claimed the firm defamed him in explaining his departure.
UBS Pays $1.5 Million Gender Discrimination Award to Ex-Broker
Posted on November 14th, 2019 at 11:46 AM
A former star broker at UBS Group AG won a more than $1.5 million arbitration award after she alleged gender discrimination against her former employer and its Boston-based branch manager.
FINRA’s Ten Largest BD Arbitration Awards in 2019
Posted on October 16th, 2019 at 2:29 PM
As the year comes to an end, ThinkAdvisor has released the Financial Industry Regulatory Authority’s (FINRA’s) 10 largest broker-dealer (BD) arbitration awards in 2019. They are, in order from highest to lowest:
Disappearing Covenants In The Age Of Private Equity
Posted on June 6th, 2019 at 12:08 PM
Bloomberg has published an article entitled, “The Birth and Death of Covenants.” The article highlights the latest trend in the tug of war between private equity firms and lenders. That trend is to agree to weaker and fewer covenants, which generally make it easier for private equity firms and other equity investors to divest assets and possibly keep such assets out of the reach of lenders.
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