UBS Portfolio Manager Loses Severance Bid At 2nd Circ.

Law360, New York (December 21, 2012, 6:51 PM EST) -- A former portfolio manager for a UBS AG-owned hedge fund who said he was fired after refusing to overvalue securities he traded lost an appeal for severance pay Friday, after the Second Circuit found procedural errors in his case.

The Second Circuit's decision affirms a lower court ruling that John Niblo, who was a manager at a now-defunct UBS-owned hedge fund called Dillon Read Capital Management LLC, is not entitled to an extra $600,000 in severance pay in connection with his 2007 layoff.

Niblo lost his...
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