A Financial Industry Regulatory Authority arbitration panel ruled late Friday that a unit of UBS AG must pay $5.4 million to one of its former brokers who alleged the firm misled its advisers about the financial health of Lehman Brothers Holdings Inc. while recommending that they sell its structured notes to clients, Reuters reports.
The figure includes almost $4.4 million in damages and attorney’s fees and also a rare $1 million award of punitive damages, Investment News reports. The broker, Edward Dulin, had 39 arbitration complaints on his public record in connection with Lehman structured notes that he had sold to clients in the lead-up to the financial crisis.
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