UBS Ordered to Pay $1.45 Million to Investor for Puerto Rico Bond Fund Case
On Thursday, securities arbitrators ordered UBS AG to pay an investor $1.45 million for losses incurred by Puerto Rico closed-end bond funds, according to a ruling. A Financial Industry Regulatory Authority (FINRA) arbitration panel found two UBS units liable in the case, which alleged securities fraud, misrepresentation and other misdeeds. Many of the funds lost half to two-thirds of their value between March 2011 and October 2013. They have not recovered since as the island remains under massive debts. UBS has had hundreds of claims filed against them, with a collective $1.5 billion at stake. Of those, the firm has resolved $284 million in claims through settlements or the full arbitration process. UBS in September of last year, agreed to pay almost $34 million to settle charges from the U.S. Securities and Exchange Commission (SEC) and FINRA. Both regulatory bodies claimed that UBS failed to supervise sales of the funds. Please call us today if you have claims against UBS for Puerto Rican bond fund sales. We may be able to sue the firm in the FINRA arbitration process.
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