Case no. 20-03856
John Oren and Elise Oren v UBS Financial Services, Inc.
Erez Law represented John and Elise Oren against UBS and recovered $3.8M. The case stems from the sale by UBS to the Orens of its proprietary YES investment strategy. UBS promoted and marketed YES as a low-risk options overlay strategy that would generate additional income. In fact, YES was a high-risk, directional and aggressive iron condor strategy that failed. The award is significant because the arbitrators awarded the Orens their losses of $2 million in addition to the return that was represented they would receive called benefit of the bargain damages as well as prejudgment interest. The panel also found a violation of the Texas Securities Act and awarded attorney’s fees of $965,657 as well. The trial lasted eight days and took place in Houston, Texas.