{"id":1539,"date":"2014-10-29T17:01:58","date_gmt":"2014-10-29T17:01:58","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/10\/ubs_is_now_contending_with_clo"},"modified":"2022-03-11T13:33:45","modified_gmt":"2022-03-11T19:33:45","slug":"ubs-is-now-contending-with-clo","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ubs-is-now-contending-with-clo\/","title":{"rendered":"Investors File Close to $1B of Puerto Rico Bond Fraud Claims against UBS"},"content":{"rendered":"

\t\t\t\tIn its third-quarter earnings reports this week, UBS <\/a>noted that claims involving its Puerto Rico closed-end municipal bond funds <\/a>are reaching close to $1 billion. That is a significant jump from the $600M mark those cases reached during the second quarter of this year, and this shows that the number of cases being filed against UBS continue to grow. According to multiple reports, the investors seeking almost $1 billion in losses are alleging unsuitability, fraud, and misrepresentation.<\/p>\n

The third quarter has been a rough one for the Swiss banking giant. Reuters <\/em>reports that the entity has put aside $1.9 billion for possible legal costs. <\/p>\n

In the past year, UBS has been in the spotlight over claims that brokers in UBS’s Puerto Rico unit persuaded customers to get involved in the proprietary bond funds even if the funds were not suitable for the investors’ portfolios. Some clients reportedly were even encouraged to borrow so they could invest more. <\/p>\n

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

In its third-quarter earnings reports this week, UBS noted that claims involving its Puerto Rico closed-end municipal bond funds are reaching close to $1 billion. That is a significant jump from the $600M mark those cases reached during the second quarter of this year, and this shows that the number of cases being filed against […]<\/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":[3922,4039,3755],"tags":[],"class_list":["post-1539","post","type-post","status-publish","format-standard","hentry","category-municipal-bonds","category-puerto-rico-bond-funds","category-ubs"],"yoast_head":"\nInvestors File Close to $1B of Puerto Rico Bond Fraud Claims against UBS — Investor Lawyers Blog — October 29, 2014<\/title>\n<meta name=\"description\" content=\"In its third-quarter earnings reports this week, UBS noted that claims involving its Puerto Rico closed-end municipal bond funds are reaching close to $1 — October 29, 2014\" \/>\n<meta name=\"robots\" content=\"index, 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