UBS Gets Shellacked in Breach of Contract Case

January 3, 2011

In a FINRA Arbitration Statement of Claim filed in July 2009, former UBS employee Jeffrey Kane Bischoff sought damages of not less than $1.9 million against his former firm for breach of contract, additional damages arising from the employer's unjust receipt and retention of Claimant's services as provided under quantum meruit, and other costs/expenses. In the Matter of the Arbitration Between: Jeffrey Kane Bischoff,Claimant vs. UBS Financial Services, Inc.,Respondent (FINRA Arbitration 09-04107, December 29, 2010)

The FINRA Arbitration Panel found Respondent UBS liable for and ordered it to pay to Claimant compensatory damages in the amount of $2,796,168.00 plus interest at a rate of 9% per annum from January 1, 2011 until payment of the Award. Further, the Panel awarded $600.00 for the arbitration filing fees and additional costs related to the court reporter.