UBS Client Can't Sue Bank Over Broker's Alleged Affair With Wife
(Bloomberg) -- A UBS Group AG client, who alleges his wealth adviser had an affair with his wife and tried to help her take control of family funds, can sue the broker but not the Swiss firm, a New York judge ruled.
Richard Kallman claims UBS failed to supervise Ira Walker as the managing director allegedly schemed with Kallman's wife to move the family's trust fund to the firm and then disburse hundreds and thousands of dollars from it. Kallman has said Walker inserted himself into the couple's divorce, demanding millions of dollars on the wife's behalf.
Kallman has been seeking $10 million in damages from UBS and Walker, who has publicly disputed the allegations.
In a ruling on Thursday, Judge Lyle Frank said many of the lawsuit's claims must be decided in arbitration, per terms Kallman accepted as a trustee when he and his wife, Kineret, moved the fund to UBS. However, a claim that Walker and Kineret intentionally inflicted emotional distress on Kallman can proceed toward trial, according to the ruling.
UBS declined to comment on the ruling. Walker and Kineret Kallman didn't immediately respond to messages seeking comment. The broker has called the case 'factually baseless' in industry records, and when reached by Bloomberg earlier this year said the accusations are false.
The drama, chronicled by Bloomberg in March, spotlights an issue that has long bedeviled US financial firms: messy fallout when brokers or investment advisers have personal relationships with clients. Despite high-profile legal brawls waged by wealthy families against firms including Morgan Stanley and JPMorgan Chase & Co., the industry's main regulators have no rule explicitly setting boundaries for ties outside the office.
'We are gratified that this case will be tried in an open courtroom and look forward to proving the allegations contained in our complaint,' Alan Futerfas, a lawyer for Kallman, said in a statement.
More stories like this are available on bloomberg.com
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
After Jefferies and Rosenblatt Securities, Needham downgrades Apple; says: For this stock to work, it must have ...
Apple Inc. shares declined 0.6% in premarket trading on Wednesday, signaling a continuation of its 2025 struggles, with the stock down 19% year-to-date, the weakest performance among the Magnificent Seven, according to Bloomberg. Wall Street's concerns center on Apple's growth prospects and its lagging position in the artificial intelligence (AI) landscape, compounded by competitive pressures and political risks. Needham & Company downgraded Apple to hold from buy, joining a growing list of firms tempering expectations. Analyst Laura Martin highlighted multiple risks, including intense competition, sluggish growth, and a valuation that 'looks expensive on several metrics.' She noted, 'For this stock to work, it must have the catalyst of an iPhone replacement cycle , which we do not foresee in the next 12 months,' per Bloomberg. Martin also pointed to Apple's slow progress in generative AI, stating that innovations in this space 'open the door for new hardware form factors that threaten iOS devices.' What is hurting Apple stock The selloff partly reflects political uncertainty, as Apple's global manufacturing footprint makes it vulnerable to tariffs, with the Trump administration repeatedly targeting the company. Additionally, Apple's AI struggles have intensified scrutiny. The recent acquisition of io, a startup co-founded by former Apple design icon Jony Ive, by OpenAI underscores the competitive threat in AI-driven innovation, potentially challenging Apple's hardware dominance. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo Needham's downgrade follows similar moves by Jefferies and Rosenblatt Securities in May, with Oppenheimer, MoffettNathanson, Loop Capital, Aletheia Capital, and DBS Bank also cutting ratings earlier in 2025, Bloomberg reports. Only 58% of analysts tracked by Bloomberg now recommend buying Apple, a stark contrast to peers like Microsoft, Amazon, Nvidia, and Meta, which boast buy ratios near or above 90%. Apple's challenges in AI, coupled with macroeconomic headwinds and a lack of near-term catalysts, continue to weigh on investor sentiment.
India Today
5 hours ago
- India Today
iPhone 17 vs iPhone 16: Top 5 upgrades expected
As we inch closer to September, excitement is building around the next-generation iPhone 17 models. This year looks to be a big one for Apple. As of writing this, WWDC 2025 is just around the corner, and the spotlight is firmly on iOS 19 — or what might actually be called iOS 26. Yes, Apple could be changing its naming strategy to match the calendar year. According to Bloomberg's Mark Gurman, iOS 26 is expected to bring the most noticeable design upgrade since iOS 7. And since we are talking about iOS, it's only natural to address the iPhone — and it looks like we're in for a bunch of upgrades across the lineup, if the leaks and rumours are anything to go by. advertisementSo, the iOS 26 update looks promising. The iPhone 17 Air is said to be Apple's next big innovation, touted to be the slimmest iPhone ever. Meanwhile, the iPhone 17 Pro and 17 Pro Max are shaping up to be the best Apple has to offer — as is the case every year. But we also need to talk about the standard iPhone 17. Not many people are focusing on this model, simply because it's rumoured to retain the same design as the iPhone 16. However, that doesn't mean the iPhone 17 should be overlooked. Here are five major upgrades we're expecting that could make it a standout improvement over the iPhone 16.A larger 6.3-inch displayThe 6.1-inch screen size has worked well for the iPhone since the iPhone 13. However, if there's an opportunity to fit in a larger display within the same body, thanks to slimmer bezels — wouldn't that be ideal? The iPhone 16 Pro features a 6.3-inch panel and still manages to stay close to the 15 Pro in terms of size. Similarly, rumours suggest that the standard iPhone 17 could get a screen bump to 6.3 inches. This would give users more variety when it comes to display size — from the iPhone 16's 6.1-inch, to the iPhone 17's 6.3-inch, and all the way up to the iPhone 17 Pro Max's massive 6.9-inch a 120Hz refresh rate panel?advertisement Until now, high refresh rate displays have been limited to the Pro models. Apple's ProMotion technology, which enables 120Hz refresh rate, has been rumoured to make its way to the standard iPhone for years — but it never quite happened. This year, however, it is once again heavily speculated that both the iPhone 17 and the 17 Air may finally get a 120Hz refresh rate screen. The only thing to watch out for is whether this will be a full adaptive 1–120Hz ProMotion panel, or a more basic implementation that switches between 60Hz, 90Hz, and A19 chipsetThe iPhone 16 series is powered by the A18 line of chips, so naturally, the next-gen models are expected to feature the A19 series. Interestingly, as we've already mentioned, Apple may change its naming strategy to align software with the calendar year. The bigger question now is whether this new naming scheme will also apply to its chips — or even to the iPhones themselves. That remains to be seen. For now, the A19 is expected to be based on an enhanced 3nm process, though not yet the rumoured 2nm tech. While the Pro models will likely feature a more advanced A19 Pro chip, the standard iPhone 17 and 17 Air should still see noticeable gains in performance and efficiency.A higher-resolution selfie cameraadvertisementFor years, iPhones have been praised for their photography and videography, especially the latter. But when it comes to the front camera, the 12-megapixel sensor that's been around for a while now is starting to show its age. This is why the rumour of a 24-megapixel selfie camera coming to all iPhone 17 models is exciting. Expect sharper, more detailed selfies — even after in-house Wi-Fi 7 chipThe iPhone 17 lineup is expected to debut with Apple's own Wi-Fi 7 chip, which should deliver much faster speeds (over 40Gb/s), lower latency, and better efficiency. Bluetooth 5.3 is also expected to be included, improving wireless performance across the board.
Indian Express
6 hours ago
- Indian Express
Apple iOS 26: Everything we know so far ahead of WWDC 2025
With less than a week to go for the Worldwide Developer Conference 2025, rumour has it that Apple will be bringing some big changes to its operating system naming scheme and introducing a redesigned iOS inspired by the Apple Vision Pro's visionOS. Some reports have hinted that Apple will be renaming iOS 19 to iOS 26 to make its branding consistent, but, as is the case every year, not much is known about the company's plans. Also, that hasn't stopped rumours and leaks from making their way on the internet. From naming changes to design overhaul, here's everything we know so far about Apple's upcoming operating system for the iPhone. Apart from making its operating system version numbers the same across all platforms, Apple is also reportedly giving iOS a major design overhaul. The new user interface, which will most likely take inspiration from visionOS, is expected to add a new floating tab bar, at least to first-party Apple apps. Moreover, both Front Page Tech's Jon Prosser and Bloomberg's Mark Gurman have said that iOS 26 will have a visionOS-like design, which would be the biggest change since iOS 7. Prosser says that the upcoming version of iOS will have a glass-like appearance with translucent menus, buttons and more. Earlier this year, in April, known Apple leaker Majin Bu claimed that the upcoming iOS version will introduce a fairly limited version of Stage Manager, at least on iPhones with a USB-C port. Citing sources, the tipster said that when users connect the iPhone to an external display, they will be greeted with a Stage Manager-like interface that lets them manage and open multiple apps at once. With the upcoming iOS 26 update, Apple may be working on a new generative AI-powered feature that helps you better manage the iPhone's battery life. This feature will reportedly be a part of Apple Intelligence and work by analysing battery data and user habits over time. Based on your usage patterns, the AI-powered battery management feature will also include a Lock Screen indicator that shows how much time it will take to fully charge the device. Apple is expected to announce a ton of new features at the WWDC, and one of them might let you automatically translate messages. Using generative AI, it looks like the built-in Message app on iPhones will translate both incoming and outgoing messages without any user intervention. According to several previous leaks, Apple is also making some changes to the Camera app. Like the rest of the operating system, the built-in camera app is also expected to get the visionOS treatment with some cleaner UI elements. new swipe settings and smoother transitions. Apple iPhones are known for their superior performance, but unlike their Android counterparts, iOS does not currently sport a dedicated gaming mode. However, that may change with iOS 26, as Apple is expected to introduce a new centralised hub that includes everything from achievements, leaderboards and content from Apple Arcade. Last month, Apple showcased some of the new accessibility features coming to the next version of iOS. Some of these include a new system-wide Accessibility Reader tool, Braille Access and an on-device AI-powered Personal Voice, which can help you replicate your voice using just 10 recorded phrases.
