Flanagan v UBS Financial Services - $200,000 Structured Products Award
In November 2009, a FINRA arbitration panel in Columbia, SC ordered UBS Financial Services Inc to pay $165,000 in damages which includes the interest per annum at the state of South Carolina statutory rate of 8.75%. The panel also awarded Claimant costs in the amount of $35,000 plus attorney's fees. The award was made after a hearing wherein the Claimant alleged Respondents breached contractual and fiduciary duties, failed to suitably invest Claimant's account, and failed to supervise Claimant's account. The claims related to the purchase of various Lehman Brothers issued "Principal Protected Notes" and "Return Optimization Notes" in the Claimant's account. Dr. McCann testified on behalf of the Claimant.