UBS Wins $3.5 Million Arbitration Claim for Puerto Rico Client’s Estate

UBS won an arbitration case in which the estate of a deceased client sought $3.5 million in damages. The case was related to the firm’s sale of Puerto Rico closed-end funds and bonds. A Financial Industry Regulatory Authority (FINRA) arbitration panel ruled on a claim that Gabriel Cadenas’ estate was reduced to $1 million plus attorney’s fees. His estate also dismissed its own claims against three UBS employees. UBS rejected the allegations and asked the panel to dismiss all claims, according to the arbitration award. This was one of the few setbacks by UBS clients who have sued the firm for sales practices related to the closed-end bond funds sold by the firm. Last month, an arbitration panel ordered the brokerage firm to pay a former client $1.5 million. The client had originally sought $2 million in damages.

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