UBS Financial Services had a duty to file “Form U5” with the Financial Industry Regulatory Authority listing the reasons it fired Mark Munizzi, a supervisor in its Chicago office. And FINRA automatically posted the information on its BrokerCheck website. But Munizzi sued for defamation and tortious interference with contractual relations, and he won $11 million in an arbitration. The award was upheld against the argument that public policy favoring disclosure was responsible for the publicity. See Munizzi v. UBS Financial Services, 2021 IL App 201237 (Nov. 19, 2021). For a copy of the decision or to consult about your rights to arbitrate a FINRA dispute, contact Tom Patterson at 312-223-1699.
U5 Results in a Costly Award