{"id":5537,"date":"2013-10-28T00:00:00","date_gmt":"2013-10-28T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2013\/10\/puerto_rican_labor_groups_want"},"modified":"2022-05-05T08:37:02","modified_gmt":"2022-05-05T13:37:02","slug":"puerto-rican-labor-groups-want","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/puerto-rican-labor-groups-want\/","title":{"rendered":"Puerto Rican Labor Groups Want the US Territory to Sue UBS over the Bond Debacle"},"content":{"rendered":"

UBS Financial Services, Inc.<\/a> and its Puerto Rican divisions (UBS) continue to feel the heat in the Puerto Rico Bond crisis, as labor groups in the US territory call on its government to file a bond fraud claim against the bank. They are claiming that the financial firm \u201ctricked\u201d the Puerto Rican government into issuing products that they knew would fail.<\/p>\n

Also, lawmakers from the New Progressive Party want the government to investigate UBS\u2019 practices in Puerto Rico. Already Rep. Ricardo Llerandi Cruz is asking for a Capital Inquiry into the firm, while Rep. \u00c1ngel Mu\u00f1oz Su\u00e1rez announced he would file a bond fraud case with the Securities and Exchange Commission.<\/p>\n

Meantime, Carlos Ubi\u00f1as, the CEO of UBS Puerto Rico, maintains that the firm is not accountable for \u201cmarket events.\u201d Issuing a statement, Ubi\u00f1as said that the loss in the Puerto Rico bonds\u2019 value has more to do with the market and the lingering questions about the US Commonwealth\u2019s credit.<\/p>\n

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

UBS Financial Services, Inc. and its Puerto Rican divisions (UBS) continue to feel the heat in the Puerto Rico Bond crisis, as labor groups in the US territory call on its government to file a bond fraud claim against the bank. They are claiming that the financial firm \u201ctricked\u201d the Puerto Rican government into issuing […]<\/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-5537","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-municipal-bonds","category-puerto-rico-bond-funds","category-ubs"],"yoast_head":"\nPuerto Rican Labor Groups Want the US Territory to Sue UBS over the Bond Debacle — Investor Lawyers Blog — October 28, 2013<\/title>\n<meta name=\"description\" content=\"UBS Financial Services, Inc. and its Puerto Rican divisions (UBS) continue to feel the heat in the Puerto Rico Bond crisis, as labor groups in the US — October 28, 2013\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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