UBS Loses A Second Puerto Rico Fund Case
UBS lost its second case in less than a week for a buried client in the firm’s proprietary funds. A Financial Industry Regulatory Authority (FINRA) arbitration panel in San Juan, Puerto Rico, found two UBS units liable to an investor, Juan Burgos. Burgos brought a case against the firm for the almost $800,000 in investment losses he suffered in his bond fund portfolio, alleging that UBS mishandled his portfolio, and invested his life savings in risky Puerto Rican closed-end bond funds. The funds have been under scrutiny because of their high concentrations in debt of the island’s government and other related entities. The funds lost nearly half to two thirds of their value over the last two years, because of the concern over Puerto Rico’s high debt and continuously unstable economy. The arbitration panel ruled in favor of Burgos, forcing UBS to buy back his investment portfolio to the tune of $1 million. There are currently hundreds of claims filed against UBS for their sale of the Puerto Rican closed-end bond funds. Another FINRA arbitration panel on May 14th ordered UBS AG to pay an investor $200,000 for her losses in the funds.
Stoltmann Law Offices has filed dozens of claims to date on behalf of investors who lost money in the risky Puerto Rican closed-end bond funds. If you invested in these funds, you can sue UBS in the FINRA arbitration forum to recover some of your losses. Please call us for a free, no obligation consultation with one of our securities attorneys at 312-332-4200. We are based in Chicago.
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.