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.
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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.
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 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 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 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.
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.
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.
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:
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.
HighTower Advisors has announced that the $50 billion RIA will exit the Broker Protocol. HighTower’s exit follows the departure of Morgan Stanley and then UBS in late 2017.
Matthew J. Chimento, a former broker at E-Trade Securities in Alpharetta, Georgia, has been barred by FINRA for failing to provide information and documents related to allegations of unauthorized fund transfers from a client's account.
A recent FINRA arbitration decision has ordered a Cincinnati-based registered investment advisor firm and two of its founders to pay Wells Fargo more than $3 million in combined damages.
James Eccleston has been officially recognized as a Top Rated Lawyer by Martindale-AVVO.