$1 Million Dollar Punitive Damage Awarded Against UBS
This week UBS Wealth Management Americas was rocked with a massive, $1 million punitive damage award. The Claimant was also awarded $4.4 million in damages and attorney fees. The arbitration panel found UBS “deliberately prevented the distribution of material information” and continued to recommend the investment despite clear evidence of the investments rapid decline. Sound familiar? We have alleged in our FINRA arbitration claims against UBS for the sale of Puerto Rico closed end bond funds the advisers failed to keep our clients informed and prevented them for receiving real information about the deteriorating condition of Puerto Rico’s finances. While this massive punitive damage award case did not involve the Puerto Rico bond funds, many of the same issues, including the lack of supervision of UBS employees, will come into play in the lawsuits and FINRA claims against UBS for its dealings in these funds. To receive a free review of your case against UBS by an attorney, please call us or visit www.InvestmentFraud.pro
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