An "Open or Shut" Arbitration

The Swiss banking giant UBS Financial Services purchased Piper's Private Client Services branch network. James F. Dowley, a registered representative of Piper Jaffray & Co, and UBS agreed to a package that included a six-figure employee forgivable loan (EFL). Dowley continued in production at the Aspen CO office where he had worked for Piper since 2004. In April 2007, UBS closed the Aspen office. Here, Singer talks about the disputes involving EFLs or other compensation arrangements subject to a similar written provision concerning the permanent closure of an office, the underlying issue of what constitutes an "open" or "closed" office is still relevant for many disputes.