Liddle & Robinson Attorneys at Law New York City

News Item

Former Banker v. UBS Securities LLC - 7/12/2007

Award Amount- $3,396,757.00

Details: On July 12, 2007, a New York Stock Exchange arbitration panel awarded a former investment banker employed as an equity derivatives marketer with UBS Securities LLC ( UBS ), 8,906 shares of UBS stock, 37,984 options and cash awards with a combined liquidated value of $3,396,757 in damages and interest. The banker sued UBS for breach of a nondiscretionary bonus agreement and for violating the firm's Equity Ownership Plan (EOP) through which UBS pays its employees deferred compensation. The banker worked within UBS's Institutional Equity Derivatives division from February 2001 until July 2003. In February 2002, the banker's supervisor committed to pay him a $2 million nondiscretionary bonus for the 2002 performance year if he generated at least $20 million in revenue for his department. By year-end 2002, the banker originated more than $27 million on behalf of UBS. UBS failed however to compensate the banker in accordance with the parties' agreement. A UBS human resources professional also negligently represented to the banker that he would be able to retain his unvested deferred compensation upon his separation from UBS. UBS's failure to honor these promises gave rise to the arbitration.

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