An NASD tribunal has found UBS PaineWebber liable to a former broker who claimed he was fired after notifying the firm that he was suffering from depression.

The tribunal awarded the broker, Glenn Berkley, of the Scottsdale, Ariz. office of PaineWebber, almost US$1 million. He was awarded US$250,000 in compensatory damages and US$300,000 in punitive damages, according to his lawyer, Daniel Solin of New York.

In addition, the tribunal ruled that Berkley did not have to repay the balance of a signing bonus and loan in the amount of US$439,386.40 which he received when he joined PaineWebber in March 1999.

In the arbitration, Berkley claimed that PaineWebber fired him and distributed his accounts to other brokers shortly after he advised it that he needed reasonable accommodations to cope with his disability. Solin said. “This award demonstrates that securities arbitration tribunals will enforce the provisions of the Americans With Disabilities Act and protect brokers with legitimate claims whose lives and careers have been destroyed by conduct which violates that Act.”

Solin noted that the award of punitive damages reflects the view of the tribunal that PaineWebber’s conduct towards Berkley was “malicious and intended to harm him”.