The Times reports that UBS has won the first step in its legal battle with Vestra Wealth, a new Goldman Sachs-backed wealth management firm that has poached 75 London-based staff from the Swiss bank's operation in recent months.

Obtaining a temporary restraining order Monday, banning its former executives from poaching clients and staff, UBS contended that Vestra founders were attempting to decimate its UK wealth management business. Mr Justice Openshaw dismissed Vestra's claims that it was competing legally, saying; 'It was far more likely in my judgement to be unlawful conspiracy dressed up as lawful competition'. According to the newspaper, the judge said that although Vestra was entitled to recruit UBS professionals and bid for UBS client business, but it wasn't entitled to 'lift an entire client base'. Vestra will now not be able to take on any new UBS clients or staff pending the full trial, which is scheduled to start on October 2nd.

Lawyers acting for Vestra entered into evidence forty e-mails and letters from former and departing UBS executives which were said to explain why they wanted to leave the Swiss bank. Although Justice Openshaw disregarded the e-mails and letters, which he described as 'quite unconvincing' and clearly thought were a put up job, nevertheless the claims contained therein, which paint a picture of a firm paralysed by bureaucracy and a staff in fear over losing their jobs, will be embarrassing to UBS,

The Times has published extracts from some of the e-mails and letters in question:

'The continual battle against integration flew in the face of the wishes of the people that matter most, ie firstly the clients and secondly the employees that know the clients' needs and wishes'.

'In the end I was only too happy to tender my resignation, given that I appeared to have so little value to UBS'.

'It was well reported that large redundancies were taking place and this led me to doubt as to whether my long-term future would be at UBS. I believe that I have now joined a firm that is well supported by its partners and has also been backed by a blue-chip institution in Goldman Sachs'.

'My reasons for deciding to resign were firstly to escape from increased bureaucracy and I felt that, at a smaller organisation, I would have more scope to progress'.

'My reasons for wishing to leave UBS are the overwhelming bureaucratic controls that made every aspect of dealing with clients difficult. It felt as though the back-office constraints were working against front-office communication with clients'.

'I would just like to state that I was unhappy at UBS as there were so many meetings and you were never able to just get on with your work'.

'I left UBS for a number of reasons, the main one was the brand being tarnished by the media and a number of changes to the way our part of the business was going to be run'.

'I had become increasingly disillusioned with the direction that UBS seemed to be taking the business as far back as January 2007'.

'The reasons for wanting to leave UBS primarily relate to a growing frustration at the increasingly over-bureaucratic nature of the business in relation to operational support. It is my belief that this was having a greater and greater impact on my ability to do my job properly'.

Finally, Bloomberg reports that UBS's top US legal adviser, David Aufhauser, general counsel for the investment banking unit, has quit - in the midst of investigations over the bank's role in the sale of auction-rate securities. It remains unclear why Aufhauser, who will remain with the bank as an adviser until the end of next month, resigned at this time.

Please use the 'E-Mail' button immediately under the article title to send this item to a friend.

Press here to comment on this story >>

Today in Life: What Exactly is Cage Fighting? >>

TODAY

• Top Firm Really On The Ropes Now
• My Firm's Hiring Freeze Is Tip Of The Iceberg
• Concerns Grow Over Big Bank Failures (One Or Two 'Whoppers' Likely)

THIS WEEK

• Another Major Firm's Going Belly Up
• My Firm's Hiring Freeze Is Tip Of The Iceberg
• Top Firm Imposes Hiring Freeze