{"id":4776,"date":"2017-08-31T16:57:01","date_gmt":"2017-08-31T21:57:01","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4547"},"modified":"2022-03-11T13:39:01","modified_gmt":"2022-03-11T19:39:01","slug":"ubs-fights-insurers-20-million-lawsuit-puerto-rico-bond-claims","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ubs-fights-insurers-20-million-lawsuit-puerto-rico-bond-claims\/","title":{"rendered":"UBS Fights Insurers\u2019 $20 Million Lawsuit Over Puerto Rico Bond Claims"},"content":{"rendered":"

\t\t\t\tIn an effort to fight a $20 million coverage lawsuit brought by insurance carriers over Puerto Rico bond fraud cases, UBS Financial Services, Inc. (UBS)<\/a> argued in court that the exclusions at issue cannot be applied to these investors\u2019 claims. The plaintiffs in the case include XL Specialty Insurance Co., Hartford Fire, and Axis. <\/p>\n

According to Law360<\/em>, a Securities and Exchange Commission filing notes that as of last year UBS is contending with $1.9 billion in claims \u2013 including civil, arbitration, and regulatory cases \u2013 over its Puerto Rico closed-end bond funds, and to date has already paid $740 million to resolve some of those claims. The bank has come under fire for the way it handled $10 billion of these closed-end bond funds, including claims that they pushed the securities onto investors who could not handle the risks involved and, in some cases, encouraged them to borrow funds to buy even more. <\/p>\n

The bank wants coverage under new subsidiary policies that the insurers agreed to even though it includes a specific exclusion for claims that involve the closed-end fund debacle in any way. In its opposite brief, submitted to Puerto Rico federal court, UBS argued that the plaintiffs have not made much of an effort to argue how the exclusion could preclude every related claim, of which there are more than 1600. UBS noted in its brief that insurance law in the U.S. territory mandates that an insurance company defend the whole action even if just one claim is potentially covered.
\n Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In an effort to fight a $20 million coverage lawsuit brought by insurance carriers over Puerto Rico bond fraud cases, UBS Financial Services, Inc. (UBS) argued in court that the exclusions at issue cannot be applied to these investors\u2019 claims. The plaintiffs in the case include XL Specialty Insurance Co., Hartford Fire, and Axis. According […]<\/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":[3752,3922,4039,3755],"tags":[],"class_list":["post-4776","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-municipal-bonds","category-puerto-rico-bond-funds","category-ubs"],"yoast_head":"\nUBS Fights Insurers\u2019 $20 Million Lawsuit Over Puerto Rico Bond Claims — Investor Lawyers Blog — August 31, 2017<\/title>\n<meta name=\"description\" content=\"In an effort to fight a $20 million coverage lawsuit brought by insurance carriers over Puerto Rico bond fraud cases, UBS Financial Services, Inc. (UBS) — August 31, 2017\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/ubs-fights-insurers-20-million-lawsuit-puerto-rico-bond-claims\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"UBS Fights Insurers\u2019 $20 Million Lawsuit Over Puerto Rico Bond Claims — Investor Lawyers Blog — August 31, 2017\" \/>\n<meta name=\"twitter:description\" content=\"In an effort to fight a $20 million coverage lawsuit brought by insurance carriers over Puerto Rico bond fraud cases, UBS Financial Services, Inc. (UBS) — August 31, 2017\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"UBS Fights Insurers\u2019 $20 Million Lawsuit Over Puerto Rico Bond Claims — Investor Lawyers Blog — August 31, 2017","description":"In an effort to fight a $20 million coverage lawsuit brought by insurance carriers over Puerto Rico bond fraud cases, UBS Financial Services, Inc. (UBS) — August 31, 2017","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/ubs-fights-insurers-20-million-lawsuit-puerto-rico-bond-claims\/","twitter_card":"summary_large_image","twitter_title":"UBS Fights Insurers\u2019 $20 Million Lawsuit Over Puerto Rico Bond Claims — Investor Lawyers Blog — August 31, 2017","twitter_description":"In an effort to fight a $20 million coverage lawsuit brought by insurance carriers over Puerto Rico bond fraud cases, UBS Financial Services, Inc. (UBS) — August 31, 2017","twitter_misc":{"Written by":"Shepherd Smith Edwards & Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/ubs-fights-insurers-20-million-lawsuit-puerto-rico-bond-claims\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/ubs-fights-insurers-20-million-lawsuit-puerto-rico-bond-claims\/"},"author":{"name":"Shepherd Smith Edwards & Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"UBS Fights Insurers\u2019 $20 Million Lawsuit Over Puerto Rico Bond Claims","datePublished":"2017-08-31T21:57:01+00:00","dateModified":"2022-03-11T19:39:01+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/ubs-fights-insurers-20-million-lawsuit-puerto-rico-bond-claims\/"},"wordCount":636,"articleSection":["Financial Firms","Municipal Bonds","Puerto Rico Bond Funds","UBS"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/ubs-fights-insurers-20-million-lawsuit-puerto-rico-bond-claims\/","url":"https:\/\/www.investorlawyers.com\/blog\/ubs-fights-insurers-20-million-lawsuit-puerto-rico-bond-claims\/","name":"UBS Fights Insurers\u2019 $20 Million Lawsuit Over Puerto Rico Bond Claims — Investor Lawyers Blog — August 31, 2017","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2017-08-31T21:57:01+00:00","dateModified":"2022-03-11T19:39:01+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"In an effort to fight a $20 million coverage lawsuit brought by insurance carriers over Puerto Rico bond fraud cases, UBS Financial Services, Inc. (UBS) — August 31, 2017","breadcrumb":{"@id":"https:\/\/www.investorlawyers.com\/blog\/ubs-fights-insurers-20-million-lawsuit-puerto-rico-bond-claims\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.investorlawyers.com\/blog\/ubs-fights-insurers-20-million-lawsuit-puerto-rico-bond-claims\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.investorlawyers.com\/blog\/ubs-fights-insurers-20-million-lawsuit-puerto-rico-bond-claims\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.investorlawyers.com\/blog\/"},{"@type":"ListItem","position":2,"name":"UBS Fights Insurers\u2019 $20 Million Lawsuit Over Puerto Rico Bond Claims"}]},{"@type":"WebSite","@id":"https:\/\/www.investorlawyers.com\/blog\/#website","url":"https:\/\/www.investorlawyers.com\/blog\/","name":"Investor Lawyers Blog","description":"Published By Investment Fraud Attorneys \u2014 Shepherd Smith Edwards & Kantas, LLP","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.investorlawyers.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431","name":"Shepherd Smith Edwards & Kantas, LLP","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","caption":"Shepherd Smith Edwards & Kantas, LLP"},"sameAs":["https:\/\/www.investorlawyers.com\/"]}]}},"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pedX9K-1f2","_links":{"self":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/4776","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/comments?post=4776"}],"version-history":[{"count":1,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/4776\/revisions"}],"predecessor-version":[{"id":24419,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/4776\/revisions\/24419"}],"wp:attachment":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/media?parent=4776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/categories?post=4776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/tags?post=4776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}