UBS Puerto Rican Muni Bonds – Investors may have claims.
According to reports on Monday, a FINRA arbitration panel ordered UBS to pay a client nearly $19 million in the latest case involving UBS Puerto Rican muni bonds.
The claimant, Luis Moyett, accused the firm of breach of contract, negligence and violations of Puerto Rican securities laws among other misconduct, according to the arbitration award.
Moyett’s claim is just one of many recent FINRA claims involving UBS closed-end Puerto Rican muni bonds. Hundreds of arbitration claims have been filed against UBS since 2013 when the market for Puerto Rico’s $70 billion in municipal debt bottomed out.
According to UBS, the aggregate damages from Puerto Rican muni bonds is a staggering $2.6 billion. While the firm has resolved more than half of these claims through settlements, arbitration or withdrawal of the claims, it has not disclosed how much it has paid out so far.
As we previously told you, UBS reached settlements with both the SEC and FINRA totaling more than $33 million.
Free Consultation with a Securities Attorney
The White Law Group continues to investigate potential securities fraud claims involving brokerage firms that pushed Puerto Rican muni bonds and bond funds to unsuspecting investors.
If you are concerned about your investment in UBS Puerto Rican muni bonds and would like to speak to a securities attorney, please call The White Law Group at 888-637-5510 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
To learn more about the firm, please visit www.WhiteSecuritiesLaw.com.
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