A Financial Industry Regulatory Authority ( FINRA ) arbitration panel in Puerto Rico has ordered UBS to pay 1.5bn for losses incurred by its Puerto Rico closed-end bond funds after finding hundreds UBS units liable in a case that alleges securities fraud, misrepresentation and other misdeeds. Over 20 years, the funds provided excellent returns, he said. As we have previously noted, UBS is already defending itself against hundreds of customer complaints and arbitration claims, collectively seeking $ an investor $1.45m in damages from funds that have lost much of their value due to fears over the size of San Juan debt burden and the weakness of the economy.
A Financial Industry Regulatory Authority ( FINRA ) arbitration panel in Puerto Rico has ordered UBS to pay 1.5bn for losses incurred by its Puerto Rico closed-end bond funds after finding hundreds UBS units liable in a case that alleges securities fraud, misrepresentation and other misdeeds. As we have previously noted, UBS is already defending itself against hundreds of customer complaints and arbitration claims, collectively seeking $ an investor $1.45m in damages from funds that have lost much of their value due to fears over the size of San Juan debt burden and the weakness of the economy.