{"id":3793,"date":"2016-09-28T16:38:36","date_gmt":"2016-09-28T21:38:36","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/?p=3793"},"modified":"2022-03-11T13:38:21","modified_gmt":"2022-03-11T19:38:21","slug":"puerto-rico-retirement-system-sues-ubs-municipal-bonds-31-investment-funds-scotiabank-sue-territory","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/puerto-rico-retirement-system-sues-ubs-municipal-bonds-31-investment-funds-scotiabank-sue-territory\/","title":{"rendered":"The Puerto Rico Retirement System Sues UBS Over Municipal Bonds While 31 Investment Funds and Scotiabank Sue the Territory in Separate Lawsuits"},"content":{"rendered":"
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According to Bloomberg<\/em>, the retirement system of Puerto Rico has joined a lawsuit against UBS Financial Services, Inc. (UBS) <\/a>for poor returns that the retirement system received on $3 billion the it borrowed on UBS\u2019s recommendation. Six beneficiaries originally brought this Puerto Rico bond fraud case in 2011 against UBS and two smaller broker-dealers.UBS was the underwriter of bonds sold by the judiciary retirement systems and employees eight years ago. \u00a0UBS also served as investment consultant, adviser, and bond fund manager. The bond proceeds were supposed to earn a positive return as compared to the interest paid on the bonds. \u00a0According to UBS, this would help Puerto Rico resolve some of its pension shortfall.\u00a0 However, UBS, according to the complaint, put too much of the bond proceeds toward low-yielding accounts that made \u201cnegative income.\u201d<\/p>\n

Now, Puerto Rico\u2019s pension funds are in financial trouble and could go broke as early as 2018.\u00a0 System administrator Pedro R. Ortiz said that the system\u2019s board is looking to obtain a \u00a0\u201csignificant recovery\u201d for pensioners and participants.<\/p>\n<\/div>\n<\/div>\n<\/blockquote>\n<\/div>\n

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

According to Bloomberg, the retirement system of Puerto Rico has joined a lawsuit against UBS Financial Services, Inc. (UBS) for poor returns that the retirement system received on $3 billion the it borrowed on UBS\u2019s recommendation. Six beneficiaries originally brought this Puerto Rico bond fraud case in 2011 against UBS and two smaller broker-dealers.UBS was […]<\/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],"tags":[3241,3662,3663,3070],"class_list":["post-3793","post","type-post","status-publish","format-standard","hentry","category-municipal-bonds","category-puerto-rico-bond-funds","tag-puerto-rico-bond-fraud","tag-scotia-bank","tag-scotiabank","tag-ubs-puerto-rico"],"yoast_head":"\nThe Puerto Rico Retirement System Sues UBS Over Municipal Bonds While 31 Investment Funds and Scotiabank Sue the Territory in Separate Lawsuits — Investor Lawyers Blog — September 28, 2016<\/title>\n<meta name=\"description\" content=\"The Puerto Rico retirement systems has joined a lawsuit against UBS Financial Services, Inc. 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