UBS AG, Switzerland’s bank, charged inflated fees at an $11.7 billion US real-estate fund by overvaluing some commercial properties, a former official alleges in his wrongful-termination lawsuit, Bloomberg reports.
Richard Trusz, 52, who was managing director and head of valuations at UBS Realty Investors LLC in Hartford, Connecticut, says in court papers that before being fired in August he repeatedly clashed with his bosses over returning fees to clients, including public pension funds in Alaska and Iowa.
“No disclosures have been made to clients, no errors have been corrected to reflect accurate information for the respective quarters and no excess fees collected by defendant UBS Realty have been refunded,” Trusz said in a Sept. 22 complaint filed under the state’s so-called whistleblower law in Superior Court in Hartford.
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