Lawsuit Seeks Documents in Puerto Rico Settlement with UBS
Manuel Martinez-Umpierre, a client of UBS Financial Services, Inc., of Puerto Rico, asked a local court on Friday to order the release of confidential documents that Puerto Rico’s Office of the Commission of Financial Institutions used in its settlement with UBS on October 9th. The settlement required UBS to pay $1.7 million in restitution to 34 residents, most with low net worth. It also required an additional $3.5 million to be paid out to an investor education fund. Umpierre is claiming to have lost more than $400,000 in closed-end bond fund investments, which were sold by a UBS AG unit. The documents could contain pertinent information that may aid in the FINRA arbitration cases against UBS. So far, over 500 arbitration claims have been filed. If you invested money in the Puerto Rican closed-end bond funds, please call our Chicago-based securities law firm at 312-332-4200 to speak to an attorney to find out how we may be able to help you recover your losses.
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