UBS has been fined more than $29 million in the US after losing a sex-discrimination lawsuit. A New York district court jury awarded Laura Z...

UBS has been fined more than $29 million in the US after losing a sex-discrimination lawsuit. A New York district court jury awarded Laura Zubulake, a former director of the bank’s Asian equities sales desk, $20.1 million in punitive damages plus $9.1 million in compensatory damages.

Punitive damages are intended primarily to deter repetition of the offence rather than to accurately reflect the extent of the individual damages.

Experts said the award was one of the largest payouts to a single plaintiff in an employee discrimination case.

UBS said it would appeal against the decision, which came after a three-year legal process.

“This sends a message not just to UBS but to everybody. The message for all senior women on Wall Street is not to be afraid of standing up and speaking out when they feel they are being treated differently,” Ms Zubulake was quoted as saying in the New York Times .