Crucial Update For Burned UBS Clients Who Bought Puerto Rico Bond Funds
We continue to prosecute claims on behalf of clients of UBS and Merrill Lynch who bought Puerto Rican closed end mutual funds and have sustained massive losses. Today, we discussed some of the recent, crucial developments with the Chicago Tribune and Rueters in the story below. Unfortunately, FINRA only has nine arbitrators in Puerto Rico to decide these cases. This presents a major problem for burned investors as there will likely be over 1000 FINRA arbitration claims filed against UBS and Merrill Lynch in 2014 and 2015. As noted in the article, FINRA is contemplating allowing cases to be filed in locations other than Puerto Rico given the impossibility of the limited number of arbitrators being able to adjudicate the pending and soon to be pending cases. It is imperative FINRA allows this to occur so investors can have their case adjudicated in a timely fashion.
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