NOTICE TO UBS PUERTO RICO CUSTOMERS: Klayman & Toskes Files $8.5 Million Suit Against UBS as it Investigates Claims for Over-...
January 13 2017 - 6:03PM
Business Wire
The Securities Arbitration Law Firm of Klayman & Toskes,
P.A., www.sueubspuertorico.com, together with Carlo Law
Offices, P.S.C. located in Puerto Rico, announced today that they
filed a claim against UBS Financial Services Incorporated of Puerto
Rico and UBS Financial Services, Inc. (NYSE: UBS) (collectively
“UBS”) for $8.5 million. According to the Claim, the Claimant
entrusted assets to UBS with the investment objective of capital
preservation. However, UBS ultimately concentrated the account in
Puerto Rico Government Bonds (“PRGBs”) and its proprietary Puerto
Rico closed-end bond funds (“UBS PR CEBFs”), which are leveraged
and concentrated in PRGBs.
UBS purchased and held for Claimant PRGBs and UBS PR CEBFs, both
of which are closely tied to the performance of Puerto Rico’s
economy. The Claimant believed the purchases were consistent with
their low risk tolerance. However, the over concentration in these
PRGBs and UBS PR CEBFs was fraught with excessive risk given the
Claimant’s investment objective and risk tolerance. UBS failed to
disclose to Claimant the risks associated with over concentrating
the account in these securities. Had this information and the true
nature of the risk of the recommended allocation been known to
Claimant or properly disclosed, he would not have invested his
assets in these products.
The sole purpose of this release is to investigate, on behalf of
our clients, the sales practices of UBS in connection with
investment recommendations provided to their customers. Current and
former customers of UBS who have information relating to the
investment advice provided by the firm, are encouraged to contact
Lawrence L. Klayman of Klayman & Toskes or Osvaldo Carlo of
Carlo Law Offices, at (787) 919-7325, or visit our website:
www.sueubspuertorico.com.
About Klayman & Toskes, P.A.
K&T is a leading national securities law firm which
practices exclusively in the field of securities arbitration and
litigation, on behalf of retail and institutional investors
throughout the world in large and complex securities matters. The
firm represents high net-worth, ultra-high-net-worth, and
institutional investors, such as non-profit organizations, unions,
public and multi-employer pension funds. K&T has office
locations in California, Florida, New York and Puerto Rico.
Destination:
http://nasd-law.com/notice-to-ubs-puerto-rico-customers-klayman-toskes-files-8-5-million-suit-against-ubs-as-it-investigates-claims-for-over-concentration-in-puerto-rico-government-bonds-and-closed-end-bond-funds/
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version on businesswire.com: http://www.businesswire.com/news/home/20170113005772/en/
Klayman & Toskes, PALawrence L. Klayman, Esq.orLcdo. Osvaldo
Carlo, Toll-Free: (888)997-9956
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