Family Recovers Puerto Rico Bond Fund Investment Losses through FINRA Arbitration
Have you suffered losses investing in a Puerto Rico Bond Fund? If so, The White Law Group may be able to help you by filing a FINRA Arbitration Claim against the brokerage firm that sold you the investment.
UBS and its affiliated firm, UBS Financial Services Inc. of Puerto Rico, have already paid millions of dollars due to client losses in Puerto Rico proprietary closed-end bond funds filled with Puerto Rico municipal securities issued by various authorities and agencies. Last year, they lost the largest claim to date for $18.6 million.
In the latest case, the Hernandez family, Elsie Hernandez Ferrari, Herman Hernandez Hernandez and Annette Hernandez Hernandez, requested compensatory damages between $1 million and $5 million as well as unspecified punitive damages, attorneys’ fees and other costs.
The Hernandez family alleges UBS through misrepresentation, negligence and unsuitability caused them to lose money on their investments in UBS’s Puerto Rico fixed income funds and tax-free.
A FINRA arbitration panel determined that UBS is liable for $505,000 in compensatory damages and $16,075 in hearing session fees.
Many more losses in UBS Puerto Rico Bond Fund.
Unfortunately it appears that many more investors suffered devastating losses as a result of UBS Puerto Rico closed-end funds. Brokers that sold UBS closed-end funds had a responsibility to make sure the investment recommendation was suitable for their client.
The White Law Group continues to investigate claims against the brokerage firms that pushed Puerto Rico bond funds and municipal bonds.
If you are concerned about your investment in a Puerto Rico bond fund 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.