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  1. Wealth
August 3, 2010

WBrief: Austr. millionaire sues UBS

By Spear's

A prominent Australian businessman is suing UBS Wealth Management over multi-billion dollar losses sustained during the financial turmoil, according to media reports.

A prominent Australian businessman is suing UBS Wealth Management over multi-billion dollar losses sustained during the financial turmoil, according to media reports.

The action is being taken against UBS Wealth Management Australia by Stefan Ackerie, of Queensland, according to a statement lodged in the Supreme Court in Brisbane, reports said.

UBS reportedly contests the claim as being without merit.

Ackerie has accused UBS Wealth Management Australia of failing to meet its obligations to advise and warn him of the risks associated with a $4 million share investment and an associated $5 million margin loan. Mr Ackerie also alleges UBS delayed closing his portfolio and margin loan, which formed a high-risk investment strategy, contrary to his instructions.

To read the full story, visit wealthbriefing.com

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