UBS Financial Services Ordered To Pay Over $3.5 Million in Sex Bias Case
New York, NY (PRWEB) May 10, 2007 -- A federal jury awarded over $3.5 million in damages Friday to a former stockbroker who filed suit in 2003 against UBS Financial Services Inc. for sex discrimination.
Roberta Tse, a former Financial Advisor at one of UBS's flagship branches in Manhattan, said she was gratified by the verdict and thankful to the jury for their diligence and efforts. The case was tried in federal court in the Southern District of New York.
Tse sued UBS after she was put on a Business Development Plan in 2002 and fired eight months later. UBS put her on the Plan because of what it perceived was a "negative trend" in her business. Tse's lawyer, John A. Beranbaum, argued at trial that the goals were unrealistic and arbitrary pointing out that only 4 of the 42 Financial Advisors -- the great majority of whom were men -- had achieved such a goal the previous year.
Tse showed at trial that male Financial Advisors who also suffered reverses in their business, some for longer periods of time than Tse, were not put on Business Development Plans. The only male Financial Advisor put on a Business Plan was required to increase his assets under management at a monthly rate less than half of Tse's.
Although the jury found that putting Tse on the Business Development Plan was discriminatory, it did not find Tse's termination unlawful. Before the conclusion of the Plan, Tse filed a claim of discrimination. UBS subsequently fired her for alleged absenteeism.
The jury awarded $3 million in punitive damages. Among the factors the jury considered in awarding punitive damages was that UBS lacked any standards governing under what circumstances a branch could put a Financial Advisor on a business plan, leaving the matter to the discretion of the branch manager. In the absence of impartial, non-discriminatory standards, Tse's attorney argued, the branch manager's unlawful biases were allowed to influence the decision to place Tse on the Business Plan.
UBS plans on filing post-trial motions to try to reverse or limit the verdict.
The case was tried in United States District Court Southern District Of New York; Case Number - 03 CV 6234 (GEL)
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