Friday, June 08, 2012
Can you recover damages for sheer stupidity?
These people said UBS wanted 1 million shares, but when it did not receive confirmations, it repeated the order multiple times and was left with much more than it intended.
"Given the size of our U.S. equity business and our role as a major market maker, UBS was affected by these issues, as we believe other market participants may have been," UBS said in a written statement.
"Consistent with our policy on market comments on our positions or intra-quarter performance, we are not disclosing the amount of the loss, which is not material to UBS," it continued. "We are continuing to consider avenues to recover our losses in this matter, but have not yet taken legal action."