{"id":1542,"date":"2014-11-04T18:59:10","date_gmt":"2014-11-04T18:59:10","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/11\/blackrock_buys_part_of_ubs_pue"},"modified":"2022-03-11T13:33:45","modified_gmt":"2022-03-11T19:33:45","slug":"blackrock-buys-part-of-ubs-pue","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/blackrock-buys-part-of-ubs-pue\/","title":{"rendered":"BlackRock Buys Part of UBS Puerto Rico\u2019s Mutual Fund Operations, Say Sources"},"content":{"rendered":"

\t\t\t\tAccording to sources, an announcement is expected this week regarding the sale of UBS Puerto Rico’s (UBS-PR) <\/a>mutual funds operations to BlackRock Asset Management (BLK). The move, say sources, is part of the Swiss giant’s strategy to exit the island. <\/p>\n

To date, investors have filed nearly $1 billion in securities arbitration claims against UBS Puerto Rico <\/a>alleging fraud and other wrongdoing in the sale of the funds. The broker-dealer recently consented to pay a fine of $5.2 million over fund improprieties. The settlement, reached with the Commonwealth’s Office of the Commissioner of Financial Institutions, included $1.7 million in restitution to 34 local low net-worth residents who had invested in Puerto Rico closed-end bond funds that were sold by UBS.<\/p>\n

One investor was not happy with the settlement and some of the terms and individuals involved, which have not been disclosed. He is now suing the regulator. Last week, Mart\u00ednez-Umpierre asked a local court to order the release of the confidential documents used to arrive at the settlement. He wants to find out how the 34 investors who will be getting restitution were chosen and how much they lost. Investors who have filed Financial Industry Regulatory Authority arbitration claims against UBS are not eligible for compensation either. <\/p>\n

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

According to sources, an announcement is expected this week regarding the sale of UBS Puerto Rico’s (UBS-PR) mutual funds operations to BlackRock Asset Management (BLK). The move, say sources, is part of the Swiss giant’s strategy to exit the island. To date, investors have filed nearly $1 billion in securities arbitration claims against UBS Puerto […]<\/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":[3922,3855,4039],"tags":[],"class_list":["post-1542","post","type-post","status-publish","format-standard","hentry","category-municipal-bonds","category-municipal-securities-offerings","category-puerto-rico-bond-funds"],"yoast_head":"\nBlackRock Buys Part of UBS Puerto Rico\u2019s Mutual Fund Operations, Say Sources — Investor Lawyers Blog — November 4, 2014<\/title>\n<meta name=\"description\" content=\"According to sources, an announcement is expected this week regarding the sale of UBS Puerto Rico's (UBS-PR) mutual funds operations to BlackRock Asset — November 4, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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