PaineWebber to Pay Damages to Depressed Broker

October 10, 2001 ( - An NASD tribunal has found UBS PaineWebber liable to a former broker employed at one of the group's offices in Arizona, who claimed he was fired after notifying the firm that he was suffering from depression.

The Tribunal awarded the broker, Glenn Berkley, $250,000 in compensatory damages and $300,000 in punitive damages and ruled that he did not have to repay the balance of a signing bonus and loan in the amount of $439,386.40, which he received on joining the group in March 1999.

Berkley claimed that PaineWebber fired him and distributed his accounts to other employees shortly after he advised the firm that he needed reasonable accommodations to cope with his disability.

Following the ruling, Berkeley’s lawyers issued a statement saying that the award “demonstrates that securities arbitration tribunals will enforce the provisions of the Americans with Disabilities Act and protect brokers with legitimate claims.”

– Camilla Klein