UBS loses $793,000 in Puerto Rico bond arbitration case

Claimants asserted firm was negligent and breached its fiduciary duty

Jun 28, 2017 @ 2:34 pm

By InvestmentNews

+ Zoom
(Bloomberg)

A Finra all-public arbitration panel has awarded claimants $793,077.61 in a case involving the sale of Puerto Rico municipal bonds by UBS.

The claimants — Madeleine Carrero, individually and as trustee of Fideicomiso Ulises Barros and Ulises Barros Carrero — charged UBS Financial Services and UBS Financial Services of Puerto Rico with a slew of violations. Among others, they included misrepresentation, negligence, breach of contract, breach of fiduciary duty, unsuitability and unauthorized trading.

The causes of action related to claimants' investments in tax-free government bonds issued by various Puerto Rico government agencies.

The award notice was published by the Financial Industry Regulatory Authority's Office of Dispute Resolution.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

Events

How to effectively engage and serve female clients

It is clear building relationships with women is a proven way to grow your business. Heather Ettinger of Fairport Asset Management explains proven segmentation strategies.

Latest news & opinion

Retirement planning for women

Longer lifespans and lower savings require creative income strategies.

Sean Spicer resigns as press secretary after Anthony Scaramucci is appointed communications director

Scaramucci is known as an ardent foe of the DOL fiduciary rule, having said during the campaign that Trump would repeal it .

Redoing the math on a 4% retirement withdrawal rate

Given the current interest-rate environment and other factors, advisers disagree about whether the number is too conservative or not conservative enough.

House panel passes bill to replace DOL fiduciary rule with one requiring disclosure of conflicts

Measure likely to continue in partisan advance in House, but could stall in Senate.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print