David Bain, a Managing Director, Head of Canadian M&A at UBS, was terminated without cause after 14 years of service.
He claimed damages for wrongful dismissal, including an extended notice period, unpaid bonuses for 2012 and a stub period in 2013, vacation pay, benefits, referral fees, and mitigation expenses.
The court found the appropriate notice period to be 18 months, determined that bonuses were an integral part of his compensation, and that UBS failed to exercise its discretion fairly in denying bonuses due to his termination.
The court awarded damages based on salary and bonuses, as well as other claimed expenses.
The action against UBS Securities LLC was dismissed.