UBS Puerto Rico Bond Investors Continue To Struggle
We continue to represent victim investors who purchased Puerto Rican bond funds from their UBS advisors. Unfortunately, hundreds of Puerto Rico residents purchased the various closed end municipal bond funds and the impact has been financially deverstating for many of those investors.
The $64,000 question for UBS clients is what will happen to their closed end UBS mutual funds going forward. Unfortunately, the finances of Puerto Rico remain in shambles and it won’t be able to lift taxes much more. According to published reports, Puerto Rico’s debt per capita is more than $14,000, while income per capita is almost $17,000, a ratio of 83 per cent. California, Illinois and New York each have a debt to personal income ratio of 6 per cent. Puerto Rico’s unemployment rate of 14 per cent is more than twice the national average.
Unfortunately, some of our clients have been told to continue to hold the funds because the price will likely bounce back. It is impossible for anyone to say with any degree of certainty what will happen. But there is still much bad news that could adversely impact the funds’ price.
We encourage holders of UBS Puerto Rico bonds to speak with a lawyer about legal options, including FINRA arbitration claims and class action lawsuits, to protect their rights. For a free evaluation of your individual case, please contact us.
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