{"id":6664,"date":"2018-11-08T11:05:35","date_gmt":"2018-11-08T17:05:35","guid":{"rendered":"http:\/\/www.investorlawyers.com\/?p=6664"},"modified":"2022-08-26T09:20:21","modified_gmt":"2022-08-26T14:20:21","slug":"puerto-rico-closed-end-mutual-fund-fraud-lawsuit-against-ubs-goes-to-arbitration","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/puerto-rico-closed-end-mutual-fund-fraud-lawsuit-against-ubs-goes-to-arbitration\/","title":{"rendered":"Puerto Rico UBS Closed-End Mutual Fund Fraud Lawsuit Goes to Arbitration"},"content":{"rendered":"<p>\t\t\t\t<a href=\"https:\/\/www.investorlawyers.com\/investor-claims\/broker-misconduct\/ubs-painewebber\/\" target=\"_blank\" rel=\"noopener noreferrer\">UBS Financial Services, Inc. (UBS)<\/a> and two investors will now arbitrate a Puerto Rico closed-end bond fraud lawsuit accusing the investment arm of the Swiss bank of improperly structuring investments. The plaintiffs, Augusto Schreiner and Nora Fernandez, contend that UBS, its Puerto Rican subsidiaries, firm executives, and Banco Popular de Puerto Rico failed to suitably examine nearly two dozen closed-end mutual funds that held the beleaguered island\u2019s government bonds.<\/p>\n<p>Schreiner and Fernandez were initially part of an attempt to file a class action lawsuit against UBS and its subsidiaries. However, last month, <a href=\"http:\/\/www.nysd.uscourts.gov\/judge\/Stein\" target=\"_blank\" rel=\"noopener noreferrer\">US District Court Judge Sidney H. Stein <\/a>refused to grant the case class certification status.<\/p>\n<p>The Court found that because all of the plaintiffs had different investment objectives, they would not be able to demonstrate that the mutual funds were unsuitable in general. Judge Stein ruled that it was up to each investor to prove individually, according to their respective needs, objectives, and ability to handle risk, that UBS had neglected to properly analyze the risks that came with the funds.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/puerto-rico-closed-end-mutual-fund-fraud-lawsuit-against-ubs-goes-to-arbitration\/\"  title=\"Continue Reading Puerto Rico UBS Closed-End Mutual Fund Fraud Lawsuit Goes to Arbitration\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>UBS Financial Services, Inc. (UBS) and two investors will now arbitrate a Puerto Rico closed-end bond fraud lawsuit accusing the investment arm of the Swiss bank of improperly structuring investments. The plaintiffs, Augusto Schreiner and Nora Fernandez, contend that UBS, its Puerto Rican subsidiaries, firm executives, and Banco Popular de Puerto Rico failed to suitably [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6637,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[4056],"tags":[2624,3176,3070],"class_list":["post-6664","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-puerto-rico-ubs-bond","tag-banco-popular","tag-ubs-financial-services","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>Puerto Rico UBS Closed-End Mutual Fund Fraud Lawsuit Goes to Arbitration &#8212; Investor Lawyers Blog &#8212; November 8, 2018<\/title>\n<meta name=\"description\" content=\"The plaintiffs, Augusto Schreiner and Nora Fernandez, contend that UBS, its Puerto Rican subsidiaries, firm executives, and Banco Popular de Puerto Rico failed to suitably examine nearly two dozen closed-end mutual funds that held the beleaguered island\u2019s government bonds.\" \/>\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\/puerto-rico-closed-end-mutual-fund-fraud-lawsuit-against-ubs-goes-to-arbitration\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Puerto Rico UBS Closed-End Mutual Fund Fraud Lawsuit Goes to Arbitration &#8212; Investor Lawyers Blog &#8212; November 8, 2018\" \/>\n<meta name=\"twitter:description\" content=\"The plaintiffs, Augusto Schreiner and Nora Fernandez, contend that UBS, its Puerto Rican subsidiaries, firm executives, and Banco Popular de Puerto Rico failed to suitably examine nearly two dozen closed-end mutual funds that held the beleaguered island\u2019s government bonds.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/10\/10.25.18.jpg\" \/>\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=\"4 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Puerto Rico UBS Closed-End Mutual Fund Fraud Lawsuit Goes to Arbitration &#8212; Investor Lawyers Blog &#8212; November 8, 2018","description":"The plaintiffs, Augusto Schreiner and Nora Fernandez, contend that UBS, its Puerto Rican subsidiaries, firm executives, and Banco Popular de Puerto Rico failed to suitably examine nearly two dozen closed-end mutual funds that held the beleaguered island\u2019s government bonds.","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\/puerto-rico-closed-end-mutual-fund-fraud-lawsuit-against-ubs-goes-to-arbitration\/","twitter_card":"summary_large_image","twitter_title":"Puerto Rico UBS Closed-End Mutual Fund Fraud Lawsuit Goes to Arbitration &#8212; Investor Lawyers Blog &#8212; November 8, 2018","twitter_description":"The plaintiffs, Augusto Schreiner and Nora Fernandez, contend that UBS, its Puerto Rican subsidiaries, firm executives, and Banco Popular de Puerto Rico failed to suitably examine nearly two dozen closed-end mutual funds that held the beleaguered island\u2019s government bonds.","twitter_image":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/10\/10.25.18.jpg","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/puerto-rico-closed-end-mutual-fund-fraud-lawsuit-against-ubs-goes-to-arbitration\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/puerto-rico-closed-end-mutual-fund-fraud-lawsuit-against-ubs-goes-to-arbitration\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Puerto Rico UBS Closed-End Mutual Fund Fraud Lawsuit Goes to Arbitration","datePublished":"2018-11-08T17:05:35+00:00","dateModified":"2022-08-26T14:20:21+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/puerto-rico-closed-end-mutual-fund-fraud-lawsuit-against-ubs-goes-to-arbitration\/"},"wordCount":797,"image":{"@id":"https:\/\/www.investorlawyers.com\/blog\/puerto-rico-closed-end-mutual-fund-fraud-lawsuit-against-ubs-goes-to-arbitration\/#primaryimage"},"thumbnailUrl":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/10\/10.25.18.jpg","keywords":["Banco Popular","UBS Financial Services","UBS Puerto Rico"],"articleSection":["Puerto Rico UBS Bond"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/puerto-rico-closed-end-mutual-fund-fraud-lawsuit-against-ubs-goes-to-arbitration\/","url":"https:\/\/www.investorlawyers.com\/blog\/puerto-rico-closed-end-mutual-fund-fraud-lawsuit-against-ubs-goes-to-arbitration\/","name":"Puerto Rico UBS Closed-End Mutual Fund Fraud Lawsuit Goes to Arbitration &#8212; 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