Update For Victims of Puerto Rico Bond Fund Fraud
UBS and other brokerage firms have already paid $226 million as a way of resolving damage claims tied to the sales of collapsed Puerto Rico bonds and bond funds. There have been 1,874 cases filed against the firms in arbitration since late 2013, and 42% have been completed through settlements or awards. Puerto Rico’s wealth management arm has paid out $142.6 million, or 63% of resolved claim payments made since the fourth quarter of 2013. They are respondents or defendants in 76% of the 1,083 claims still pending and have prevailed in five of the 25 arbitration decisions, according to a study done by the Securities Litigation & Consulting Group. Other brokerage firms with outstanding claims against Puerto Rico bond funds are Puerto Rico-based units of Merrill Lynch and Santander Securities, also Popular Securities and Oriental Financial Services Corp. Their parent companies are also based in the territory. If you were sold unsuitable closed-end Puerto Rico bond funds by your broker and brokerage firm, you may be able to sue the brokerage firm on a contingency fee basis to recover your losses. Please call 312-332-4200 to speak to an attorney for free about your options.
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