Phil Gramm's company makes the news in a not-so-good way yet again. Via MarketWatch:
Swiss bank UBS has been accused by a former employee of charging inflated fees for a real estate fund that it ran, according to a report published Monday. Bloomberg said that Richard Trusz, previously managing director at UBS Realty Investors LLC, said in a court filing that he argued with his bosses about returning the fees. Trusz is suing UBS for wrongful termination under Connecticut's so-called whistleblower law. The lawsuit said UBS Trumbull Property Fund, a private real estate investment trust, inflated property valuations by as much as $100 million in late 2007 and early 2008. Higher valuations on the underlying properties would increase the fees that UBS could charge its clients -- the fund charges 0.6% to just under 1% of assets, said Bloomberg. UBS denied the charges, reported Bloomberg.
