UBS to pay millions to a US customer
The Zurich district court has sentenced Swiss bank UBS to pay SFr7 million ($7.88 million) to an American customer after the bank processed a sell order too late.
UBS plans to challenge the verdict at a canton Zurich court, as a bank spokesman told the Swiss media on Thursday.
On September 1, 2008, the client issued the bank a written order to sell all of the American securities in the accounts of his Hong Kong-based company.
However, the bank did not act straight away. The assets in question were blocked because of investigations being carried out by the US tax authorities.
About a month later, the bank was able to execute the sell order. The revenue was SFr19.9 million ($22.41 million) – considerably less than the SFr26.8 million it would have been prior to the Lehman bankruptcy.
Zurich’s district court has ordered UBS to pay the American client SFr6.98 million plus five per cent interest as well as compensation and the bulk of the court fees.
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