Another Investor Lawsuit Filed Over Puerto Rico Bonds

Another Investor Lawsuit Filed Over Puerto Rico Bonds

Caribbean News January 16, 2017 SAN JUAN, Puerto Rico — A securities arbitration law firm on Friday filed a claim against UBS Financial Services Inc. of Puerto Rico and UBS Financial Services, Inc. (collectively “UBS”) for $8.5 million. According to the claim, the claimant entrusted assets to UBS with the investment objective of capital preservation. However, UBS ultimately concentrated the account in Puerto Rico government bonds (PRGBs) and its proprietary Puerto Rico closed-end bond funds (UBS PR CEBFs), which are leveraged and concentrated in PRGBs. UBS purchased and held for the claimant PRGBs and UBS PR CEBFs, both of which…