More Bad News For UBS and Its Puerto Rican Bonds
More bad news for UBS and its Puerto Rican bond funds. The latest issue surrounds questions at to whether UBS charged the bond funds excessive markups in the purchase of individual holdings. In a recent blog posting, a prominent expert witness argues the answer is a resounding yes. The entire blog posting, and its reasoning, can be viewed at the following link:
It now appears as though the losses in the first three quarters of 2013 for the UBS Puerto Rican bond funds amounts to over $1.7 billion. The percentage of losses over the past year range from 38% to 48% for the worst performing UBS funds.” The Standard & Poor’s Municipal Bond Puerto Rican Index was down 17% during the same time period. Many UBS clients have refused to sue the firm through the FINRA arbitration process because of representations “the funds will come back” in value in the near future. Unfortunately for those clients, the statute of limitations continue to run.
For clients who wish to sue UBS for the losses sustained in these funds, we encourage them to speak with a lawyer for a free consultation about all of their legal rights.
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