Swiss bank ordered to pay investors $19 million for losses involving Puerto Rico bonds

By Caribbean News Now contributor

SAN JUAN, Puerto Rico — UBS Financial Services, part of the UBS Group, a Swiss multinational investment bank and financial services company, has been ordered to pay approximately $19 million for losses Puerto Rico investors incurred in UBS’s Puerto Rico bond funds and Puerto Rico bonds. These investors also complained about the use of leverage in connection with these investments.

UBS has been ordered to pay tens of millions of dollars in various arbitration claims to date, including awards of approximately $9 million, $15 million, $18 million, and now $19 million.

The UBS bond funds at issue in many of these cases were not traded on any exchanges, involved high amounts of leverage, and were heavily concentrated into a single geographic…

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