Latest news with #Kallman
Mint
23-05-2025
- Business
- Mint
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
Yahoo
20-05-2025
- Climate
- Yahoo
Southwest Iowa water system struggling to come back online
AVOCA, Iowa — It's been over a week now since Regional Water Rural Water Association began having trouble producing water for customers. The system serves a wide area over parts of counties in the southwestern corner of the state. A statement was issued to inform customers: 'Due to the declining watershed in their wellfield and sustained water usage, Regional Water announced that the Board of Directors has implemented the 'Level RED' advisory for its member customers and communities on their ATP System. This is the highest level of Mandatory Water Use Restrictions of its Emergency Water Conservation Plan.' On Monday, General Manager Tom Kallman told WHO 13 they are working toward restoring service. 'We appreciate all the people's efforts to conserve water,' said Kallman. 'We are working on beginning the testing of all the water in the system, but the time it will take is undetermined. It would be a matter of days at the earliest before the water supply could be returned to normal.' PHOTOS: Thunderstorms drop large hail in Iowa Monday The Rural Water Association has a permit to draw water from the nearby West Branch of the East Nishnabotna River. The river runs past the well field of the water association. The agency is also working on a plan to lay a pipeline to pump water from the Missouri River in Council Bluffs, as an alternate source. At Sue's Kitchen, located inside the longtime Ember's Restaurant, they're using bottled water for making coffee and drinking. They also have canned pop also, but no tea or anything that uses water piped in. 'The first day when I came in on Monday, it was a mess,' said Kasey McGurren, of Sue's Kitchen. 'I was using water bottles to make coffee here because I can't use my coffee maker or my tea machine or any other thing that's connected to a waterline.' 'The wells down here, it went down and there's nothing there to suck anymore,' said Steve Mathiasen, a Rural Water Customer who farms near Harlan. 'It was a surprise to me because we had some rains in spring, and I thought the water fields were back up again, but apparently they're not,' said Mike Schomers, a Rural Water Customer. 'We're just hoping that our water supply comes back up again and we can go back to drinking it.' Iowa News: Southwest Iowa water system struggling to come back online PHOTOS: Thunderstorms drop large hail in Iowa Monday Some of the heaviest rain of the season hits Iowa tonight Mineral water made Colfax a booming vacation hot spot Student winner of Iowa education license plate challenge revealed Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Bloomberg
19-03-2025
- Business
- Bloomberg
UBS Client Says His Wife Moved In With Their Wealth Adviser. It Got Messy
When Richard Kallman's 26-year marriage failed, he arrived at a meeting to hash out the separation, expecting to see his wife and her lawyer. But instead, the couple's new wealth manager from UBS Group AG showed up and demanded Kallman fork over $9 million. Almost two years later, that allegation is among several laid out in New York state court accusing Ira Walker, a managing director at UBS, of wreaking havoc on Kallman, the heir to a family of New York-area bookdealers.
