Ex-UBS Banker Says Strippers Didn’t Cause Deal Conflict
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A former UBS AG banker told a London court that paying $7,100 for strippers to entertain consultants advising a German utility on a disputed derivatives deal didn’t create a conflict of interest.
The banker, Steven Bracy, told a London court today that it wasn’t typical for him to pay for that type of entertainment while he worked at UBS. Kommunale Wasserwerke Leipzig, the water utility, says the inappropriate relationship between its own consultants and Bracy invalidates the swaps contract with the bank, which is seeking about $140 million in the lawsuit.