Spitzer Defends UBS Brokers—No, Seriously

Eliot Spitzer announced in mid-December that he thinks the $89 million overtime settlement that UBS agreed to in February 2006 is unfairly distributed, and he’s asking a Northern California District Court to reject the proposed settlement amount.

Eliot Spitzer announced in mid-December that he thinks the $89 million overtime settlement that UBS agreed to in February 2006 is unfairly distributed, and he’s asking a Northern California District Court to reject the proposed settlement amount. In a memorandum to the court, Spitzer wrote that New York-based UBS brokers will receive just $11.3 million of the proposed $89 million, while California brokers get a windfall $44 million. A settlement hearing is scheduled for Jan. 19.

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