What is with this firm? InvestmentNews is reporting that a class action has been filed against UBS for undercompensating its brokers alleging that brokers were not paid the full 25 basis points a year on each $25,000 auction rate security purchased by the brokers' customers between 1993 and 2005.
The article calls the failure a computer error, but if the years are right, this went on for TWELVE YEARS!!!!
Never, in 25 years of practicing securities law have I seen a firm be accused so many times of stiffing its own brokers in so many different ways.
If you think UBS beat you on your compensation, you are probably not paranoid.
