Legal Choices For Investors In Puerto Rico Electric Power Authority Bonds
The news continues to get worse for investors in the Puerto Rico Electric Power Authority bonds. It now appears certain investors in the bonds will have their payments postponed or canceled in coming months for an indefinite period of time. Because of this news, the Puerto Rico Electric Power Authority bond prices continue to plummet, declining from approximately 54 cents on the dollar invested to 40 cents on the dollar. The government owned utility charges customers more than double the U.S. average because of its poor finances, including nearly $9 billion in debt from issuing bonds to upgrade and replace power generation plants. Cash on hand has plummeted from $200 million down to $120 million. Long term debt of the utility has increased from $6.8 billion in 2009 to $8.9 billion in 2013. Brokers at firms like UBS, Merrill Lynch and Banco Popular aggressively sold these bonds to many conservative, income seeking investors who were looking for the sort of stability that typically comes with utility bonds. Many investors sold these bonds may have an actionable claim and recover investment losses through the FINRA arbitration claims process or through a lawsuit against the brokerage firm who sold them the notes. Actionable claims could include suitability, fraud and misrepresentation and omission claims. In order to receive a free legal analysis on whether damages can be recovered for investments in the Puerto Rico Electric Power Authority bonds, please call our investment fraud law firm to hear all contingency fee options.
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