Former Philadelphia 76ers President Pat Croce and his wife Diane have scored more than $2 million in an arbitration award tied to principal protected notes originally issued by Lehman Brothers Holdings Inc.
A Financial Industry Regulatory Authority arbitration panel ordered respondent UBS Financial Services Inc. to pay $1.52 million in compensatory damages plus 6% annual interest from Sept. 15, 2008 to May 27, 2011. The size of the award was determined by taking the $2 million in compensatory damages that the panel decided the respondent was liable for and subtracting $480,000 remaining value of the investment.
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