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.
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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.
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