UBS has been ordered to pay a private banking client around SF1.6 million ($1.3 million) in damages plus interest for unauthorized trades it...

UBS has been ordered to pay a private banking client around SF1.6 million ($1.3 million) in damages plus interest for unauthorized trades it carried out on the client’s behalf by a Swiss court. The client, whose name has not been released to the public, had signed an agreement with the bank to trade only with the client’s approval. But a UBS client advisor carried out around 30 unauthorized trades on the client’s account, according to media reports in Switzerland. UBS was also ordered to pay the court costs. The client had originally sought SFr2.1 million.