Published On: September 17, 2015

Alexander Freund, a former clerk with UBS Financial Services in Chicago, is arguing the Financial Industry Regulatory Authority (FINRA) has no jurisdiction over him in a multi-million dollar arbitration action brought against him by the brokerage firm. UBS is claiming he breached his employment contract. Freund was hired by UBS in November 2011 as a part-time clerk. His contract with the firm did not contain any provision for arbitration. Less than three months later, Freund took a job with Wells Fargo. UBS then sough an injunction to prevent Freund from breaching covenants in their agreements. UBS claimed to have cause against Freund for breach of contract, fiduciary duty and duty of loyalty. Freund was then notified by FINRA that he had a two-week hearing with the regulatory body beginning October 26th at their Chicago offices. Freund then sought federal intervention to say he has no obligation to take part in an arbitration with FINRA. He also refused to go along with FINRA’s order to answer discovery because if so, he would “submit to arbitration claims he never agreed to arbitrate.” He then went on to say that his rights would be compromised in the event the arbitration proceeds against him. Freund also is seeking FINRA to pay his legal costs.

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