Skip to main content

UBS Ordered to Pay $4.8 Million in PR Bond Case

By May 20, 2021Fraud

An arbitration panel recently ordered UBS Financial Services to pay almost $4.8 million to two individuals and a holding company stemming from the sale of Puerto Rican bonds and closed-end funds.

The claimants – Eugenia Fidalgo Gutierrez, Mercedes Fidalgo Gutierrez and Fidalgo Gutierrez Holding Corp., in San Juan, Puerto Rico – were awarded $4,654,289 in compensatory damages for breach of contract and rescission (or repurchasing of the assets by UBS) and another $142,557.52 in compensatory damages for breach of fiduciary duty, according to the FINRA Arbitration Award.

As detailed in the FINRA Award:

“In the Statement of Claim, Claimants asserted the following causes of action: breach of fiduciary duties; breach of good faith and fair dealing; omissions; tortious acts; breach of contract; unsuitability; unauthorized trading; negligence and gross negligence; and rescission. The causes of action relate to the purchase of UBS closed end funds containing Puerto Rico bonds and the alleged unauthorized use of lines of credit and margin in Claimants’ accounts.”

Fishman Haygood has experience bringing claims on behalf of investors and entities that have lost money in the bond market. Our lawyers will review your investments, analyze your specific situation, and provide you with our opinion as to whether or not you may have a viable claim, free of charge.

Fishman Haygood is here to help. Please contact us to discuss your potential claim.

GWG Holdings Files for Bankruptcy: How Might That Impact L Bond Investors?