Reuters: Regulatory News: Former UBS Financial branch manager loses gender bias case

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Former UBS Financial branch manager loses gender bias case Jul 23rd 2012, 20:22 By Suzanne Barlyn July 23 | Mon Jul 23, 2012 4:22pm EDT July 23 (Reuters) - A former branch manager for UBS AG's financial services unit lost a gender discrimination case against the company in which she sought as much as $14 million in damages, according to an arbitration ruling. UBS Financial Services Inc was "not liable" to Linda Willis Eydt, a former UBS executive director and branch manager, for alleged violations of gender discrimination laws, including a federal equal pay law, a Financial Industry Regulatory Authority panel ruled. Arbitrators also rejected her claims that UBS made false promises to entice her to join the company in April 2007, according to the ruling dated July 19. What's more, Willis Eydt must repay UBS about $271,400 that it said she owed for advances on compensation and funds due through a forgivable loan program. FINRA's panel, as is customary, did not provide reasons for its decision. W illis Eydt' s l awyers did not immediately return phone calls requesting comment. A UBS spokeswoman said the company was "pleased with the panel's findings." Arbitration cases involving allegations of gender discrimination are unusual, according to Brian Buckstein, an employment lawyer in Wellington, Florida. While FINRA rules require brokers and brokerage managers to arbitrate legal disputes with their employers, an exception gives claimants an option to file discrimination cases in court. But it is difficult to win a discrimination case, whether filed in a court or in FINRA's arbitration forum, Buckstein said. That is because the person filing the case must prove the discrimination was intentional, he said. Willis Eydt, a Wall Street veteran, worked for UBS in Atlanta between 2007 and 2009, according to her LinkedIn profile. She was previously a senior managing director for Bear Stearns & Co. Her professional experience also includes a stint at UBS between 2000 and 2002. She presently works for Barclays Capital Inc, according to regulatory filings. Willis Eydt began the arbitration in 2010. She later estimated her damages as between $7 million and $14 million. UBS filed its own claim against Eydt several days after she started her case. Willis Eydt also filed several requests for the panel to sanction UBS for alleged violations during the "discovery" phase of the proceeding, in which parties exchange information. A hearing in the case lasted nearly 20 days, which lawyers said is unusually long for a FINRA employment arbitration case. Link this Share this Digg this Email Reprints

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