Six Morgan Stanley financial advisers previously managing about $1.79 billion in client assets for UBS Financial Services have been slapped with a lawsuit filed by their former employer on Friday in the Southern District of Florida.

And Teresa J. Verges, a former assistant director of enforcement for the Securities and Exchange Commission and the current director of the investor rights clinic at the University of Miami School of Law, said UBS has a larger problem if the allegations it has made against the financial advisers are true. Among them is the potential violation of Regulation SP, which is a rule that protects confidential client information.