Have you suffered investment losses in MainStay High Yield Municipal Bond A? If so, The White Law Group may be able to help you recover your losses through FINRA arbitration.
The White Law Group is investigating potential securities fraud claims involving broker-dealers’ improper recommendation that investors purchase MainStay High Yield Municipal Bond A.
Our firm is paying close attention to MainStay High Yield Municipal Bond A and other funds with high involvement in Puerto Rico, in particular, the ways in which broker/dealers marketed and sold the products to investors. In many cases, broker-dealers marketed these investments as safe and secure when in reality these funds were overexposed to the risk of a Puerto Rico default on debt.
Investors were likely attracted to the MainStay High Yield Municipal Bond A due to the relatively high interest or dividend offered. Unfortunately, it appears that certain financial advisors failed to adequately disclose the risks of the fund to their clients (particularly in light of the funds overconcentration of investments in Puerto Rico). According to reports, the MainStay High Yield Municipal Bond A has approximately12.9% of its investable assets invested in Puerto Rico debt.
This is obviously a big problem for the MainStay High Yield Municipal Bond A fund with Puerto Rico threatening to restructure debt and postpone bond payments.
To determine whether you may be able to recover investment losses incurred as a result of your purchase of MainStay High Yield Municipal Bond A fund, please contact The White Law Group at 312-238-9650 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.
For more information on The White Law Group, visit https://www.whitesecuritieslaw.com.