SAN JUAN, Puerto Rico, Sept. 19, 2018 /PRNewswire-HISPANIC PR WIRE/ — Lawyers with the Securities Law Firm of Shepherd Smith Edwards & Kantas LLP, www.sseklaw.com, are still working on and filing new claims involving Puerto Rico bonds. Recently, a federal judge in New York ruled against certifying a class action against UBS related to Puerto Rico bond funds. The lawsuit claimed that UBS failed to analyze the appropriateness of Puerto Rico funds for its customers.
The federal court ruled that claims of suitability could not be brought by a class action because every investor has unique goals, so determining whether UBS failed its obligation to adequately analyze suitability for a client would have to be decided on an individual basis. As a result, any client who is hoping for a recovery of losses suffered in these investments will have to pursue a legal claim individually.
There is a limited period of time that investors have to bring these claims. While investors may have been entitled to additional time while the class action was pending, the clock is ticking again. If you are or were a customer of UBS Puerto Rico who invested in Puerto Rico closed-end funds or bonds, it is not too late to contact the law firm of Shepherd Smith Edwards & Kantas LLP for an evaluation of your account to determine if you have a claim to attempt to recover some or all of your losses. All communications will be kept strictly confidential, and you will not be billed in any way for a consultation.
Shepherd Smith Edwards & Kantas LLP has a team of attorneys, consultants and staff with more than 100 years of combined experience in the securities industry and in securities law. For more than two decades, our firm has represented thousands of investors throughout the United States, Puerto Rico, and internationally to recover losses suffered through investing with brokerage firms and banks. We have represented clients in Federal and state courts and in arbitration through the Financial Industry Regulatory Authority (FINRA), the New York Stock Exchange Inc. (NYSE), the American Arbitration Association (AAA) and in private arbitration actions.
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