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UBS Sues Jefferies After Losing Lorello, Most of Health Team

By Zachary R. Mider

June 25 (Bloomberg) -- UBS AG said it lost almost its entire health-care investment-banking team, including unit chief Benjamin Lorello, in a “massive, premeditated raid” by Jefferies Group Inc.

At least 36 employees in the group quit between June 17 and June 21, after efforts by Jefferies and Lorello to recruit them, UBS said in a petition in New York Supreme Court on June 22. Tom Tarrant, a Jefferies spokesman, declined to comment.

To contact the reporter on this story: Zachary R. Mider in New York at zmider1@bloomberg.net

Last Updated: June 25, 2009 13:40 EDT

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