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

The Fuse impact: The judges weigh in

When vying for top honors at Fuse, it all comes down to a panel of judges. Hear directly from them on what they're looking for in finalists, and what gets them excited about this event every year.

Video Spotlight

Are Your Clients Prepared For Market Downturns?

Sponsored by Prudential

Recommended Video

Path to growth

Latest news & opinion

Jerry Schlichter's fee lawsuits have left an indelible mark on the 401(k) industry

After a decade of litigation, fees are lower and retirement plans are more transparent. But have the lawsuits gone too far?

10 best financial adviser jokes

How many financial advisers does it take to screw in a lightbulb?

With margins crashing, broker-dealers look to merge: report

Increased regulation is straining profit margins among broker-dealers, sending many of them into the arms of their bigger brethren.

Hackers may have profited from SEC breach

The hack of the agency's Edgar filing system occurred in 2016, but the regulator didn't conclude until last month that the cybercriminals may have used their bounty to make illicit trades.

Top 10 financial firms ranked by investor satisfaction

Find out which firm took the top slot for overall investor satisfaction for the second year in a row.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print