On August 28, 2015, investors represented by Zamansky LLC attorneys Jacob H. Zamansky and Edward H. Glenn Jr. received a $3.1 million award for losses sustained in connection with closed-end bond fund and municipal bond investments managed by UBS-Puerto Rico. The award represents the largest to date against UBS or any other brokerage firm arising out of the Puerto Rico bond market collapse that occurred in 2013.
As reported by the Wall Street Journal, this case and others like it may just be the tip of the iceberg in terms of investors recouping for losses sustained due to mismanagement of their funds during the 2013 collapse. UBS and other brokerage firms are currently facing hundreds of claims and more investors are likely to come forward as news of significant arbitration victories spreads. If you suffered investment losses and think you may have a claim for compensation, we encourage you to contact one of our attorneys right away.
Harmed Investors Sought Compensation From UBS-Puerto Rico for Fraud, Unsuitability and Other Misdeeds
On December 31, 2013, Zamansky LLC filed claims against UBS-Puerto Rico on behalf of two individual investors and a related company that had invested in proprietary bond funds and municipal bonds through UBS-Puerto Rico. The arbitration claims also included allegations that UBS had improperly used our clients’ investments as collateral for borrowing on lines of credit. Our clients had suffered substantial losses and sought compensation from UBS-Puerto Rico based on claims including:
- Breach of contract
- Breach of fiduciary duty
- Failure to supervise financial advisors
The arbitration filing also included other allegations of impropriety.
After more than a year and a half of near-constant effort, attorneys Zamansky and Glenn were successful in obtaining the compensation these aggrieved investors deserved. The Financial Industry Regulatory Authority (FINRA) arbitration panel presiding over the case ruled by a vote of 2 to 1 that Zamansky LLC’s clients were entitled to roughly $2.4 million in direct damages, plus interest, costs and fees – for a total award of approximately $3.1 million.
In a statement published by both the Wall Street Journal and Law360, attorney Jacob Zamansky stated, “My clients are gratified by the FINRA arbitration award and believe justice was served.”
UBS-Puerto Rico Bond Fund Case Testimonial
This is what one of our clients had to say about the recent victory. “Jake, thank you so much for believing in my story and for your thirst for justice. Your work was impeccable and you made UBS pay for their wrong doing. I feel grateful for you and your team for doing a wonderful job.” -Anna Teresa Gomez
Prior results do not guarantee a similar outcome.
Have You Suffered a Loss with UBS or on Bond Investments in Puerto Rico? Contact a FINRA Arbitration Attorney to Find Out if You Have a Case
Located in the heart of Wall Street in New York City, Zamansky LLC represents investors who have suffered investment losses in Puerto Rico and throughout the United States. If you invested with UBS or any other brokerage firm in Puerto Rico and suffered significant investment losses, you may be entitled to financial compensation. To find out if you have a case, call Zamansky LLC at (212) 742-1414 or contact us online to schedule a free consultation today.