UBS sued over millions lost
(4 August 2010−Australia) Financial services giant UBS and an adviser are being sued by a Brisbane hairdresser for millions in sharemarket losses.
Documents lodged in the Brisbane Supreme Court show that Stefan Ackerie is seeking undisclosed damages from UBS Wealth Management Australia and Stephen Martiensen.
It is alleged UBS and the adviser breached the Corporations Act and ASIC Act, breached the contract, negligence and breach of fiduciary duty.
The only party to benefit from this relationship ended up being UBS, while I lost millions, Stefan Ackerie said in a statement.
There needs to be greater accountability on the banks like UBS, they need to have more respect for the money they invest for clients and recognise where that hard-earned money has come from, Mr Ackerie added.
UBS, headquartered in Switzerland, has offices in more than 50 countries.
It is alleged UBS and the adviser breached the Corporations Act and ASIC Act, breached the contract, negligence and breach of fiduciary duty.
The only party to benefit from this relationship ended up being UBS, while I lost millions, Stefan Ackerie said in a statement.
There needs to be greater accountability on the banks like UBS, they need to have more respect for the money they invest for clients and recognise where that hard-earned money has come from, Mr Ackerie added.
UBS, headquartered in Switzerland, has offices in more than 50 countries.
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