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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 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.
Dennis Hansen
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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
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21:33 01.04.2025
ubs ordered to pay 92 million over unsuitable tesla short recommendation
16:37 03.03.2025
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