A client of a major financial services firm has taken legal action after being locked out of his account, resulting in significant financial losses. On July 10, 2024, R.F. Berman filed a complaint against UBS Financial Services Inc. in the Circuit Court of the 15th Judicial Circuit in Palm Beach County, Florida.
R.F. Berman, who resides in Palm Beach County, has been a long-time client of UBS Financial Services Inc., utilizing their services to execute trades and manage his investments. According to the complaint, UBS acted as a fiduciary for Berman, taking responsibility for executing trades on his behalf in exchange for fees. However, on April 8, 2024, while attempting to make a trade, Berman discovered that his account had been locked without prior notice. This unexpected lockout prevented him from executing profitable trades as part of his investment strategy.
Despite multiple attempts to resolve the issue with UBS, Berman's account remained inaccessible. It was later revealed that UBS had reassigned Berman's accounts to another individual within the company without informing him. This left Berman without anyone available to execute time-sensitive trades he wished to order. As a result, he missed two trading opportunities that would have been profitable.
Berman reached out directly to UBS and later through counsel seeking an amicable resolution. However, despite promises from UBS' "Client Relations Team," no formal response was received. Furthermore, UBS refused to provide any client relations agreement between Berman and the company despite repeated requests.
The complaint alleges that UBS breached its fiduciary duty by failing to execute trades ordered by Berman on April 8, 2024. As a direct result of this breach, Berman sustained financial damages. The plaintiff is seeking judgment against UBS for damages exceeding $50,000 exclusive of interests, costs, and attorneys' fees.
The case is being handled by Aaron T. Williams from The Law Offices of Berman & Berman P.A., representing R.F. Berman. The case number is 502024CA006441 XXXAMB Div: AJ.