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.

 http://articles.chicagotribune.com/2014-04-03/business/sns-rt-us-ubs-puertorico-20140403_1_finra-puerto-rico-financial-industry-regulatory-authority

The posting on this site are mere OPINIONS and NOT statements of fact in any way whatsoever. The information should not be relied upon and there have been no findings made against the firms or individuals referenced on this site. In addition, this Blog is made available for educational purposes only and incorporates information from the web as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and Stoltmann Law Offices (10 S. LaSalle, Suite 3500, CHICAGO, IL 60010, 312.332.4200). The Blog opinions should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. PLEASE NOTE THIS IS ADVERTISING AND IT IS NOT A NEWSPAPER ARTICLE OR POST FROM AN INDEPENDENT OR NON-BIASED, NEWS SITE, NEWS SOURCE OR NEWSPAPER.