UBS Pegs its Puerto Rico Municipal Bond Losses at $41 Million
In its third-quarter earnings report, Switzerland-based UBS AG estimates that it has incurred $20 million in trading losses and $21 million in credit losses in connection with loans backed by Puerto Rico municipal bonds. A UBS presentation containing the key points of the report can be viewed here.
UBS Financial Services of Puerto Rico, Inc., a division of UBS AG, has come under scrutiny recently for its sales and marketing of the UBS Puerto Rico Family of Funds. Investors in the 14 closed-end Puerto Rico funds have incurred significant losses this year because of the downward spiral of Puerto Rico’s credit rating. A full list of the UBS Puerto Rico funds containing Puerto Rico muni bonds can be found here.
McCabe Rabin, P.A. is investigating investor losses in the UBS funds, as well as, losses in other muni bond funds containing Puerto Rico municipal debt. A list of some of the other bond funds containing Puerto Rico muni bonds that were sold by Oppenheimer, Fidelity, and others can be read here.
Investors who have suffered investment losses of $100,000 or more, and who may have a FINRA arbitration claim, may call McCabe Rabin for a free consultation at 877.915.4040.