Email loses UBS $10m

A UBS banker has allegedly lost the bank more than $10m (£6.2m) in fees, after he sent an email detailing General Motor’s (GM) upcoming float to over a 100 of the firm’s clients.

The alleged leak was disclosed in papers filed by GM with the US regulator the Securities and Exchange Commission (SEC).

GM’s filing warned that the email, which contravened SEC rules governing IPOs, meant that investors who bought GM stock could seek refunds or damages because of the leak if UBS had remained an underwriter on the deal.

“We had no knowledge of the e-mail until after it was sent, and the e-mail does not reflect our views,” GM said in the filing.

UBS, which is led by chief executive Oswald Grübel, would have earned an estimated $10m in fees in the $13bn share sale. UBS declined to comment yesterday.