A Financial Industry Regulatory Authority (FINRA) arbitration panel has awarded $2,200,000.00 ? 100% of the compensatory damages requested ? to Thomas F. Motamed, the Chairman and CEO of CNA Financial Corp., and his wife Christine Motamed, as a result of losses they sustained in Lehman structured products sold to them by UBS Financial Services, Inc., according to articles by Suzanne Barlyn in Dow Jones Newswires (“UBS To Pay $2.2 Mln to CAN Chief for Lehman-Related Losses”) and Lorie Konish’s on Wall Street article (“UBS To Pay $2.2M In Arbitration Settlement”).
The panel ordered UBS to buy back the notes from the couple at their original cost. In addition, the panel assessed the full costs of the hearing, in the amount of $13,650.00, against UBS. The case is Motamed v. UBS Financial Services, Case Number 09-02087, decided December 16, 2010.