UBS Loses Another Massive Investor Fraud Claim
More good news for burned UBS AG investors in Puerto Rico. The firm this week lost yet another FINRA arbitration claim to a burned investor. The firm was ordered this week to pay two investors $2.9 million for losses incurred because of Puerto Rico municipal bonds. The Financial Industry Regulatory Authority (FINRA)’s arbitration claim claimed fraud, breach of fiduciary duty, negligence, breach of contract and unsuitability, among other things. The claim was filed by Ana Teresa Lopez-Gonzalez and Andres Ricardo Gomez, investors who invested in UBS-managed closed-end funds and other Puerto Rican municipal bonds and the use of these investments as collateral for borrowing. Other family members were listed as claimants and settled for an undisclosed amount. The group was seeking $10 million in damages, plus other amounts.
The FINRA arbitration panel awarded the investors $2.4 million in damages, plus interest, along with more than $534,000 in legal and other costs. The panel also denied a counterclaim UBS brought against them. In a similar situation, UBS was ordered to pay about $2.5 million to a San Juan couple who had up to $6 million in damages and the bank also paid almost $1.5 million out of $5.8 million requested to investors in three other cases to Puerto Rican bond fund investors earlier this year. If you lost money in Puerto Rican bond funds, please call us immediately at 312-332-4200 for a free consultation with an attorney. We are securities fraud attorneys based in Chicago, Illinois who have dozens of claims against UBS for their sale of Puerto Rican bond funds. We take cases on a contingency fee basis so we do not get paid unless you recover.
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