A month after losing an $18.5 million arbitration case to two former clients, UBS is now crying foul and seeking to vacate the clients' legal victory. Two of three arbitrators were not impartial judges of the merits of the case, UBS claims in court documents filed last month in federal court.
Ex-clients — husband and wife Rafael Vizcarrondo and Mercedes Imbert de Jesus — had won damages last year related to UBS' sale of closed-end funds of Puerto Rican bonds. The couple claimed breach of fiduciary duty and unsuitability, among other misconduct.
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