{"id":1500,"date":"2014-08-15T18:51:23","date_gmt":"2014-08-15T18:51:23","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/08\/ubs_wealth_oppenheimerfunds_ta"},"modified":"2022-03-11T08:54:43","modified_gmt":"2022-03-11T14:54:43","slug":"ubs-wealth-oppenheimerfunds-ta","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ubs-wealth-oppenheimerfunds-ta\/","title":{"rendered":"UBS Wealth, OppenheimerFunds Take Financial Hit From Puerto Rico Muni Bonds"},"content":{"rendered":"

\t\t\t\tEven though UBS Wealth Management Americas (UBS)<\/a> has been generating record revenue, the financial firm saw its profits drop upon reporting that had it put aside $44 million for litigation costs primarily related to Puerto Rico bond fraud<\/a> cases. UBS’s second quarter earnings of $238 million are 3% lower than last year. <\/p>\n

Already, UBS clients have filed hundreds of arbitration cases and a number of securities class action lawsuits contending that the brokerage firm put investors’ money in highly leveraged and unsuitable Puerto Rico municipal bond funds that dropped in value last year. These funds begun to lose value again recently.<\/p>\n

OppenheimerFunds Inc. (OPY)<\/a>, which is the biggest mutual fund to hold Puerto Rico debt, has also taken a financial hit. Bloomberg<\/em> reports that in the past year, the firm has seen a loss of close to a third of its funds’ assets. For example, the Oppenheimer Rochester Maryland Municipal Fund (ORMDX) directed approximately 35% of its holdings to the islands as of the end of June. As of August 4, its assets had dropped to $64.9 million. At this time last year, the fund had $96.1 million in assets.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Even though UBS Wealth Management Americas (UBS) has been generating record revenue, the financial firm saw its profits drop upon reporting that had it put aside $44 million for litigation costs primarily related to Puerto Rico bond fraud cases. UBS’s second quarter earnings of $238 million are 3% lower than last year. Already, UBS clients […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3922,3786,4039,3755],"tags":[],"class_list":["post-1500","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-municipal-bonds","category-oppenheimer","category-puerto-rico-bond-funds","category-ubs"],"yoast_head":"\nUBS Wealth, OppenheimerFunds Take Financial Hit From Puerto Rico Muni Bonds — Investor Lawyers Blog — August 15, 2014<\/title>\n<meta name=\"description\" content=\"Even though UBS Wealth Management Americas (UBS) has been generating record revenue, the financial firm saw its profits drop upon reporting that had it — August 15, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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