An arbitration panel awarded customers of UBS Wealth Management in Puerto Rico more than $4.8 million in their lawsuit against the brokerage firm, according to law firm Shepherd, Smith, Edwards & Kantas.
The firm has filed and continue to pursue lawsuits against the brokerage firms and its brokers that were “involved in selling these toxic products to their customers, a majority of which are Puerto Rico residents.”
Furthermore, the attorneys continue to investigate and evaluate the investment accounts and portfolios of investors in Puerto Rico bonds and closed-end funds to determine the extent of their losses and to help them investors fight to recover their losses.
“The firm is focused on assisting investors to hold financial services firms accountable for selling these unsuitable investments to their customers and to recoup the maximum compensation possible for their losses before their claims become barred from recovery,” the firm said in a statement.
The firms that Shepherd, Smith, Edwards & Kantas said were allegedly involved in selling the “unsuitable investments” to their customers are: UBS Financial Services Inc. of Puerto Rico; UBS Securities; UBS Wealth Management; Popular Securities, LLC; Santander Securities, LLC; and Oriental Financial Services, Corp.
“Many customers of these firms that were sold these investments have suffered crippling financial losses and stress as a result of their investment losses. Several customers of these brokerage firms have filed complaints against these firms and their brokers for fraud, unsuitability, breach of contract and fiduciary duty, and other abuses,” the legal firm stated.
“While UBS was the most active brokerage firm selling these products, even going so far as to create proprietary bonds and closed-end funds heavily invested in Puerto Rico bonds, each of these firms has had numerous complaints filed by their customers whose accounts were heavily invested in these products,” the attorneys added.