UBS Can't Claw Back $1M From Ex-Broker's Loan Bonus

Law360, New York (February 6, 2012, 8:24 PM EST) -- UBS AG lost a fight on Friday over $1 million it said it was owed by a former broker as part of his signing bonus loan, after a Financial Industry Regulatory Authority panel sided with the broker.

Signing bonuses like the one that UBS gave to Pericles Gregoriou are designed to encourage brokers to stay with the company and typically must be paid back if the broker leaves or is fired before a promissory note expires. UBS had claimed that after Gregoriou resigned, he failed to...
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