Nashville (Tenn.) and Davidson County Electric Power Board will receive $440,000 from UBS to settle a dispute involving consulting work for the board's $180 million pension fund. Eugene W. Ward, Nashville Electric's general counsel, said the settlement with UBS and former consultant W. Keith Phillips concerned transactions recommended by the consultant, as well as brokerage business. UBS is paying the settlement. Mr. Ward wasn't able to provide additional details. PaineWebber, which UBS acquired, was the consultant for the board's fund until 2001. Paul R. Marrone, UBS director-media relations, didn't return calls seeking comment by press time.
Nashville and Davidson County Benefit Board last year received $10.3 million from UBS in a settlement over a dispute about soft dollars and directed brokerage. PaineWebber was also the consultant to the benefit board's $1.3 billion pension fund.
