Client awarded $1.1 million from UBS in arbitration

A Mississippi investor had accused the firm of negligence and breach of fiduciary duty related to his investments in UBS' managed accounts.

Mississippi investor Patrick David Ridgeway was awarded $1.1 million by a Finra arbitration panel in his claim against UBS Financial Services.

Ridgeway, who sought damages ranging from $1.278 million to $2.526 million, had charged UBS with breach of fiduciary duty; misrepresentation and non-disclosure; negligence and gross negligence; breach of contract and warranties; violation of the Mississippi Securities Act; failure to supervise; and control person liability.

The causes of action related to Ridgeway’s investments in the firm’s managed accounts, as well as a high-balance credit line that was collateralized with the securities held in his managed accounts, according to an award notice posted by the Financial Industry Regulatory Authority Inc.

A spokesperson for UBS declined to comment.

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