UBS Wins $800,000 Promissory Note Arbitration

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Anonymous's picture
Anonymous yes, old UBS -- that's you and us, or however their television commercial goes.  Whatever. Notwithstanding the touchy-feely advertising, UBS isn't sitting around the campfire singing Kumbayah when it comes to its former stockbrokers and collecting money owed on outstanding promissory notes.In a Statement of Claim filed with FINRA on June 4, 2009, UBS sought $809,922.00 in compensatory damages; interest; costs; attorneys' fee; and other just relief as a result of former employee Richard Lee's alleged breach of a promissory note.  Lee generally deneid the allegations, asserted various affirmative defenses, and Counterclaimed for $4,000,000.00 in compensatory damages arising from misrepresentation; fraudulent inducement; and unjust enrichment. In the Matter of the Arbitration Between UBS Financial Services, Inc., Claimant, versus Richard Lee, Respondent. (FINRA Arbitration 09-03321, May 11, 2010). When millions of dollars are at issue, that things will get testy.  And boy, UBS and Lee sure seem to have turned on the pyrotechnics with this arbitration. TO READ THE CONCLUSION OF THIS ARTICLE, VISIT

Mike G.'s picture
Joined: 2010-05-20

crazy Stuff

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