National trial firm Burg Simpson, known for its role in holding big banks accountable for their bad acts in the mortgage-backed securities and collateralized debt obligation collapse of 2007-2008 where $7 trillion in worldwide wealth was lost, has prevailed against a big bank yet again. This time it was against UBS, in a FINRA securities arbitration on behalf of their retired clients, Scott and Janet Feldman, winning an $805,120 award.
“Given the forum, this is a rare victory and a wonderful result,” said Denise Crawford, former Texas Securities Commissioner and expert witness who testified in the case.
“This is why we get up in the morning, it’s why we do what we do – at Burg Simpson, we work hard every day to hold the big corporations accountable when they do wrong to everyday people,” said David K. TeSelle, Burg Simpson shareholder and one of the trial lawyers who represented the Feldmans throughout the litigation process.
“This award really changes our clients’ lives for the good,” said Michael S. Burg, founder of Burg Simpson, member of the National Trial Lawyers Hall of Fame, and lead trial lawyer on the case. “Before Burg Simpson got involved, UBS wasn’t willing to pay the Feldmans anything for the wrong they had done. It was a hard fight, but that’s what we do. It’s always great to see justice is done.”
The Feldmans had entrusted their retirement “nest egg” to UBS, who recklessly invested the account almost entirely in high-risk, low-return investments, such as business development companies, master limited partnerships, and closed-end funds. In short order, UBS lost over $630,000 in account value when oil prices dropped. UBS had argued they did nothing wrong, but that even if they did, the award should be limited to no more than $26,000. The arbitrators’ award exceeded those amounts.
Burg Simpson trial lawyers Michael S. Burg, David K. TeSelle, and Lisa R. Marks represented the Feldmans.
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