In a FINRA Arbitration Statement of Claim filed in December 2008, former UBS employee Stephen P. Finkelstein asserted the following causes of action against the UBS Respondents:
Claimant Finkelstein sought
In the Matter of the Arbitration Between Stephen P. Finkelstein, Claimant vs. UBS Global Asset Management (US), Inc. and UBS Securities LLC, Respondents (FINRA Arbitration 08-04888, October 20, 2010)
Respondents generally denied the allegations made in the Statement of Claim and asserted various affirmative defenses.
The FINRA Arbitration Panel found Respondents UBS Global Asset Management (US), Inc. and UBS Securities LLC jointly and severally liable and ordered them to pay to Claimant Finkelstein compensatory damages in the amount of $112,500.00 plus interest at the rate of 9% per annum from August 25, 2007 until payment of the Award.
Bill Singer's Comment: Okay, hmmm, where to begin? I posted this case because of the truly impressive amounts of damages sought. It's not everyday that a former employee seeks over $6 million in compensatory damages for "failure to pay severance" and another $16 million in damages for an unpaid bonus. Notwithstanding the breathtaking nature of those demands, the FINRA Panel sought fit to award what appears to have been $112,500 for 39 weeks of salary and rejected the remaining financial demands.
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