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Among other facts, the Complaint cites the creation by UBSFS of two so-called “diversity” branches based on a “separate but unequal” model, staffed nearly entirely of minority brokers and focused nearly entirely on obtaining business from minority clientele. UBSFS failed to provide these segregated branch offices with proper support and they were eventually closed. Most of the minority brokers who worked there, including two of the plaintiffs, were eventually terminated. The Complaint also cites company-wide racially disparate staffing statistics, including the nearly total absence of African Americans in branch office management positions. The lawsuit seeks injunctive relief to end UBSFS’s discriminatory practices as well as compensatory and punitive damages.

NATIONWIDE CLASS ACTION FILED AGAINST UBS FINANCIAL SERVICES, INC. ALLEGING A COMPANY-WIDE PRACTICE OF RACIAL DISCRIMINATION
October 18, 2005
Philadelphia, Pennsylvania

On Tuesday, October 18, 2005, three African American former employees of UBS Financial Services, Inc. (“UBSFS”), filed a class action lawsuit against the company in the United States District Court for the Southern District of New York alleging racial discrimination in hiring, promotion and other employment practices. The lawsuit was filed on behalf of all African Americans who were, are, or will be employed, or who sought employment at UBSFS, as brokers, non-broker officers, and other professional positions. The lawsuit seeks to put an end to years of racial discrimination at UBSFS. Information concerning the lawsuit can be obtained at www.ubsfsdiscrimination.com.

The Complaint charges that UBSFS consistently fails to hire qualified African Americans for its professional positions, segregates African Americans within its workforce, assigns African Americans to lower-ranking positions with lower compensation than Caucasian employees, denies them opportunities for promotion and advancement provided to similarly situated Caucasian employees, and denies African American employees resources, support and professional opportunities provided to their Caucasian co-workers. According to the lawsuit, these practices stem from stereotypes about the ability of African Americans to operate within UBSFS’s system and the securities industry in general.

Among other facts, the Complaint cites the creation by UBSFS of two so-called “diversity” branches based on a “separate but unequal” model, staffed nearly entirely of minority brokers and focused nearly entirely on obtaining business from minority clientele. UBSFS failed to provide these segregated branch offices with proper support and they were eventually closed. Most of the minority brokers who worked there, including two of the plaintiffs, were eventually terminated. The Complaint also cites company-wide racially disparate staffing statistics, including the nearly total absence of African Americans in branch office management positions. The lawsuit seeks injunctive relief to end UBSFS’s discriminatory practices as well as compensatory and punitive damages.

The lawsuit is brought by attorneys Stephen A. Whinston, Carey R. D’Avino, Shanon J. Carson and Selim Ablo of the law firm of Berger & Montague, P.C., a national leader in representing plaintiffs in class action and civil rights cases, and Bruce E. Gerstein and Brett Cebulash of Garwin, Gerstein & Fisher, L.L.P. Information about these law firms can be found at their respective websites: www.bergermontague.com and www.garwingerstein.com.

For questions about this class action case against UBSFS, please contact Stephen A. Whinston ([email protected]), Shanon J. Carson ([email protected]) or Selim Ablo ([email protected]), at (215) 875-3000.
 
Telephone: 1-800-424-6690
Facsimile: 215-875-4604
email: [email protected]