UBS will seek to have $81M Finra ruling overturned

By Bloomberg

Aug 5, 2010 @ 11:44 am (Updated 11:46 am) EST

UBS AG, the largest Swiss bank, will seek to reverse a ruling requiring it to pay a U.S. company for business lost when its funds were tied up during the collapse of the auction-rate securities market two years ago.

“We strongly disagree with the arbitration panel’s decision on this legacy auction rate matter, and we will file a motion to overturn that decision,” Zurich-based UBS said in a statement. “We believe the outcome is unwarranted under both the facts and the law.”

UBS was ordered by a Financial Industry Regulatory Authority arbitration panel to pay $80.8 million to Bethesda, Maryland-based Kajeet Inc., a marketer of cellular phones, under a procedure allowing companies to seek damages suffered because their assets were frozen during the auction-rate debacle of early 2008, the Wall Street Journal reported yesterday.

  @IN Wire

Apr 24 03:27PM
California team decides to leave Oppenheimer for greener pastures. Get their info: http://t.co/kSUqHeafRR
Apr 24 03:22PM
I'm really beginning to hate these bandits. | Runner Says 4 Others Bandited W/Her Number at Boston via @RunnersWorld http://t.co/3Bsxw3YDaX

Career Center

Explore your opportunities and be informed for your next move.

Company Type
Firm Type
Clearing Firm
Presented by

Most Watched Video

7:12The 2 biggest factors driving growth in active ETFs

Ugo W. Egbunike Dir. Of Business Development, ETF.com Greg Crawford Deputy Editor, InvestmentNews

Video Spotlight
1:47People are Living Longer. Good News or Bad News?

Sponsored by Oppenheimer Funds Inc.