A unit of UBS, UBS Financial Services, has been ordered by a US judge to pay $1.2m to a customer's former spouse who accused the bank of releasing accounts worth $12m to her ex-husband despite a court order freezing those assets. Puerto Rico lawyer, David Efron and Madeleine Candelario del Moral had been locked in a post-divorce dispute when UBS released the accounts to Efron back in 2007; Efron withdrew all but over $4.7m from the account over a nine-month period.
A unit of UBS, UBS Financial Services, has been ordered by a US judge to pay over $4.7m to a customer's former spouse who accused the bank of releasing accounts worth $12m to her ex-husband despite a court order freezing those assets. Puerto Rico lawyer, David Efron and Madeleine Candelario del Moral had been locked in a post-divorce dispute when UBS released the accounts to Efron back in 2007; Efron withdrew all but $1.2m from the account over a nine-month period.