UBS Client Can't Sue Bank Over Broker's Alleged Affair With Wife
By and Benjamin Bain
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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.
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