A number of senior management with UBS Puerto Rico were terminated late last week, according to sources. It is believed that individuals from marketing, investment banking, lending and other areas of the bank’s operations on the island were all let go. Read the recent report by Reuters on this here.
Consistent with industry custom, those who were let go were reportedly offered a severance package which they have roughly two to three weeks to accept or reject. Since these packages are usually contingent upon a general release of liability (meaning that the individual cannot sue the firm), for those individuals who were offered packages, there are likely a number of factors that should be considered before deciding to accept or reject. Once a general release is signed, virtually all claims for monetary damages that could have been brought before are then lost forever.
For anyone, being fired is a major life event. For licensed professionals, being fired comes with the potential for an additional life-changing of having a mark on their license in connection with their termination. If you are a licensed professional and are asked to sign an agreement, whether or not you have any intention of filing an action or any possibility of a FINRA U5 issue, it is always wise to seek the advice of a lawyer to learn about both your rights and what you might be giving up before you sign anything. Once you sign, it is too late. This is not the time to be “penny wise and pound foolish” – this is the time to consult with counsel to make informed decisions. Many lawyers provide free consultations.