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Large FINRA Arbitration Award Against UBS of Puerto Rico Regarding Bond Funds

Blum Law Group, along with Place and Hanley, LLC is pleased to report a FINRA Arbitration Award against UBS Financial Services of Puerto Rico relating to the crash of UBS closed end bond funds in 2013 which were sold to Puerto Rico residents.  Darren Blum along with trial attorneys Randall Place and Sara Hanley, represented the Claimant customer in the case of Matus Trust v. UBS Financial Services of Puerto Rico, et al.  The arbitration Panel awarded over $400,000 (including the interest) as damages to the Claimant, despite the fact that the account was profitable overall! The Panel also awarded all of Claimant’s attorneys fees to be paid by UBS.

The case involved a heavy over-concentration of the Claimant’s UBS account in proprietary UBS closed end bond funds pursuant to UBS’s recommendations.  The funds invested heavily in Puerto Rico bonds using leverage (a speculative investment technique), and had significant geographic concentration risk.  UBS failed to supervise and was found liable for fraud!

If you wish to discuss claims against UBS involving these funds, please contact Darren Blum at 1-877-786-2552 (Stock Law), for a free consultation.

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