UBS Claims Over Puerto Rico Closed-End Bond Funds Reach Almost $1 Billion
UBS’ third-quarter earnings report say closed-end municipal Puerto Rico bond funds claims have risen to almost $1 billion. Up from $300 million in the first quarter, and $600 million in the second quarter, the claims are rife with charges of alleged fraud, unsuitability and misrepresentation. The funds began to lose their value in August 2013 when it looked as if the country could not pay back its debts. UBS stated that an internal review had shown that investors had lost money in the closed-end bond funds due to the advice of one broker. The company had sold more than $10 billion worth of the funds since 2012. UBS did not disclose how much money they would be setting aside for litigation purposes.
If you lost money in Puerto Rico closed-end bond funds with UBS, 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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