UBS Slammed For Puerto Rican Bonds Again: Elderly Clients Win $700,000 Against Brokerage Firm
UBS was hit again with another loss in an arbitration claim regarding the brokerage firm’s sale of deficient Puerto Rican bond funds. UBS has been levied with numerous arbitration claims and fines regarding the bond funds. According to the firm’s latest earnings report, total claimed damages sought by clients are almost $1.9 billion, of which $740 million has been resolved through settlements, arbitration or withdrawal of the claim. In reference to the most recent case, three Financial Industry Regulatory Authority (FINRA) found UBS liable of negligence in its management of the clients’ investments and awarded $549,000 in compensatory damages to Condado Motors, a now-defunct car rental business owned by Luis Vega and his ex-wife. UBS will also pay $62,241 in costs and $39,200 in hearing session fees. The arbitrators also rejected UBS’ requests that FINRA fees and costs be paid by them and that all arbitration records be removed from the FINRA-operated CRD system. If you suffered losses with UBS Puerto Rican bond funds, or were recommended or sold the funds, please call our securities law firm today at 312-332-4200. We may be able to bring a legal claim against UBS for losses on a contingency fee basis in the FINRA arbitration forum. We have helped dozens of client recover their losses with UBS’ sale of Puerto Rican bond funds.
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