{
}
An East Coast investment firm is challenging a $95 million arbitration award to an Iowa family who claimed they received poor advice on short-selling Tesla stock. UBS Financial Services and managing director Andrew Burish argue that the punitive damages awarded were excessive and that the Hansens, who faced significant losses, were savvy investors aware of Tesla's volatility. The family alleges fraud and breach of fiduciary duty, claiming Burish misled them about his own investment strategy.
UBS Wealth Management USA is seeking to overturn a $95 million arbitration award related to a broker's unsuitable recommendation to short Tesla stock. The firm argues that the punitive damages of nearly $70 million are excessive and violate Iowa law, suggesting they should be reduced to match the $23 million in compensatory damages awarded. The case highlights the challenges UBS faces, as courts typically defer to arbitrators' decisions.
Madison financial advisor Andrew Burish and UBS have been ordered to pay over $90 million in damages after a panel found Burish liable for recommending a risky short-selling strategy on Tesla stock. The decision includes $2.5 million in compensatory and $500,000 in punitive damages to nine claimants, while UBS faces over $23 million in compensatory and $69 million in punitive damages. Burish, a long-time advisor at UBS, has been recognized by Forbes as a top wealth advisor for several years.
UBS has been ordered to pay over $92 million in damages following an arbitration ruling regarding a broker's unsuitable recommendation to short Tesla stock. Broker Andrew Burish, who leads a team managing approximately $6.2 billion in client assets, is liable for more than $3 million. The final award was issued on Friday.
UBS Wealth Management USA and broker Andrew Burish were ordered to pay over $95 million for recommending an unsuitable short position on Tesla stock, leading to significant losses for investors. The arbitration award included $69 million in punitive damages against UBS, while Burish was held liable for nearly $3.1 million. The claimants, who lost $16.5 million, argued that Burish failed to provide a balanced view of the risks involved.
Andrew Burish
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
lawsuit seeks to overturn 95 million award in tesla investment case
UBS Group AG
Tesla, Inc.
USA
Noelle Hansen
Lindsey Hansen Valentini
Andrew Burish
Tyler Hansen
Nicholas Valentini
Jordan Nelson
Dennis Hansen
Elon Musk
Mark Kramer
Leslie Hansen
Bradley Nelson
Show more
21:33 01.04.2025
ubs seeks court reversal of 95 million arbitration award over tesla short
18:40 01.04.2025
financial advisor ordered to pay over 90 million in tesla short case
18:46 05.03.2025
ubs ordered to pay 92 million over unsuitable tesla short recommendation
20:40 03.03.2025
ubs ordered to pay 92 million over unsuitable tesla short recommendation
16:37 03.03.2025
Trending
Subcategory
Industry Trends
Corporate News
Startups & Entrepreneurship
Global Trade Developments
Retail and Consumer Goods
Supply Chain Management
Government Economic Policies
Workplace Trends
Industry Mergers & Acquisitions
Stock Market Updates
Fintech Startups
Venture Capital Investments
Financial Scams and Security
Finance Mergers & Acquisitions
CEO Changes
Cryptocurrency Trends
Emerging Startups
Cryptocurrency & Blockchain Regulations
Funding Rounds & Investments
Energy Sector Developments
Countries:
Companies:
Apple Inc.
Google Inc.
Alphabet Inc.
NVIDIA Corporation
Tesla, Inc.
Microsoft Corporation
Amazon.com, Inc.
Delhivery Limited
Ecom Express Ltd.
Foxconn Technology Co., Ltd.
Samsung SDI Co., Ltd.
SWIGGY LIMITED
UWS JP Morgan EM A OSB
Netflix, Inc.
Airbnb, Inc.
Adobe Inc.
GEELY AUTO
TENCENT
CarTrade Tech Limited
Concrete Credit Limited
Currencies:
United States Dollar
Indian Rupee
Chinese Yuan
Euro
Japanese Yen
South Korean Won
Algerian Dinar
Vietnamese Đồng
Indonesian Rupiah
Australian Dollar
Egyptian Pound
Saudi Riyal
Swiss Franc
British Pound Sterling
Russian Ruble
Pakistani Rupee
People: