{"id":6535,"date":"2018-09-19T20:14:04","date_gmt":"2018-09-19T20:14:04","guid":{"rendered":"http:\/\/www.investorlawyers.com\/?p=6535"},"modified":"2018-09-19T20:14:04","modified_gmt":"2018-09-19T20:14:04","slug":"investors-suing-ubs-puerto-rico-over-closed-end-fund-losses-are-denied-class-action-certification","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/investors-suing-ubs-puerto-rico-over-closed-end-fund-losses-are-denied-class-action-certification\/","title":{"rendered":"Investors Suing UBS Puerto Rico Over Closed-End Fund Losses Are Denied Class Action Certification"},"content":{"rendered":"<p>\t\t\t\tU.S. District Judge Sidney H. Stein is refusing to grant class action certification to a group of investors suing <a href=\"https:\/\/www.investorlawyers.com\/?s=uBs+puerto+rico\">UBS Puerto Rico <\/a>over its sale of proprietary closed-end mutual funds. In particular, the class action complaint dealt with a series of 23 closed-end bond funds that UBS Puerto Rico developed and marketed exclusively to Puerto Rico residents.<\/p>\n<p>These proprietary closed-end funds were comprised of at least 2\/3 Puerto Rico debt (and often much higher), resulting in a geographic concentration that placed the owners of such funds at a great risk if anything negative happened on the island. Additionally, the UBS closed-end funds were highly leveraged, typically borrowing $1 for every $1 invested, meaning that any losses in the closed-end funds would be significantly increased.<\/p>\n<p>Notwithstanding the above, the plaintiff investors say that UBS falsely depicted these closed-end mutual funds as safe and secure investments that would garner fund holders tax-free income when, in truth, the mutual funds were \u201cticking time bombs\u201d that were actually very risky.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/investors-suing-ubs-puerto-rico-over-closed-end-fund-losses-are-denied-class-action-certification\/\"  title=\"Continue Reading Investors Suing UBS Puerto Rico Over Closed-End Fund Losses Are Denied Class Action Certification\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>U.S. District Judge Sidney H. Stein is refusing to grant class action certification to a group of investors suing UBS Puerto Rico over its sale of proprietary closed-end mutual funds. In particular, the class action complaint dealt with a series of 23 closed-end bond funds that UBS Puerto Rico developed and marketed exclusively to Puerto [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6539,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3804,3762,4051,4056,3755],"tags":[3070],"class_list":["post-6535","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-class-action-lawsuits","category-current-investigations","category-puerto-rico-debt-crisis","category-puerto-rico-ubs-bond","category-ubs","tag-ubs-puerto-rico"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Class Action Denied Over UBS Puerto Rico Closed-End Mutual Funds &#8212; Investor Lawyers Blog<\/title>\n<meta name=\"description\" content=\"A U.S. District Judge refused to grant class action certification to a group of investors suing UBS Puerto Rico over its sale of closed-end mutual funds.\" \/>\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\/investors-suing-ubs-puerto-rico-over-closed-end-fund-losses-are-denied-class-action-certification\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Class Action Denied Over UBS Puerto Rico Closed-End Mutual Funds &#8212; Investor Lawyers Blog\" \/>\n<meta name=\"twitter:description\" content=\"A U.S. District Judge refused to grant class action certification to a group of investors suing UBS Puerto Rico over its sale of closed-end mutual funds.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/09\/9.19.18.jpeg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Class Action Denied Over UBS Puerto Rico Closed-End Mutual Funds &#8212; Investor Lawyers Blog","description":"A U.S. District Judge refused to grant class action certification to a group of investors suing UBS Puerto Rico over its sale of closed-end mutual funds.","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\/investors-suing-ubs-puerto-rico-over-closed-end-fund-losses-are-denied-class-action-certification\/","twitter_card":"summary_large_image","twitter_title":"Class Action Denied Over UBS Puerto Rico Closed-End Mutual Funds &#8212; Investor Lawyers Blog","twitter_description":"A U.S. District Judge refused to grant class action certification to a group of investors suing UBS Puerto Rico over its sale of closed-end mutual funds.","twitter_image":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/09\/9.19.18.jpeg","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/investors-suing-ubs-puerto-rico-over-closed-end-fund-losses-are-denied-class-action-certification\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/investors-suing-ubs-puerto-rico-over-closed-end-fund-losses-are-denied-class-action-certification\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Investors Suing UBS Puerto Rico Over Closed-End Fund Losses Are Denied Class Action Certification","datePublished":"2018-09-19T20:14:04+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/investors-suing-ubs-puerto-rico-over-closed-end-fund-losses-are-denied-class-action-certification\/"},"wordCount":963,"image":{"@id":"https:\/\/www.investorlawyers.com\/blog\/investors-suing-ubs-puerto-rico-over-closed-end-fund-losses-are-denied-class-action-certification\/#primaryimage"},"thumbnailUrl":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/09\/9.19.18.jpeg","keywords":["UBS Puerto Rico"],"articleSection":["Class Action Lawsuits","Current Investigations","Puerto Rico Debt Crisis","Puerto Rico UBS Bond","UBS"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/investors-suing-ubs-puerto-rico-over-closed-end-fund-losses-are-denied-class-action-certification\/","url":"https:\/\/www.investorlawyers.com\/blog\/investors-suing-ubs-puerto-rico-over-closed-end-fund-losses-are-denied-class-action-certification\/","name":"Class Action Denied Over UBS Puerto Rico Closed-End Mutual Funds &#8212; 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