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RECENT NEWS

UBS Puerto Rico Accused of Conflicts of Interest

February 4th, 2013 | Posted by in UBS Puerto Rico

A shareholder lawsuit against UBS and directors at four UBS-affiliated investment funds was recently revived by the U.S. Court of Appeals for the First Circuit.

Plaintiff’s fundamental allegation is UBS or its affiliates served as both the underwriter on almost $3 billion dollars in bonds for Puerto Rico’s public retirement system and as the advisor to a group of investment funds that purchased over $750 million dollars of those bonds.  The Plaintiffs allege the UBS subsidiaries used the investment funds to create the appearance of market interest in the bonds and drive up prices.

The Court ruled that there was reasonable doubt the directors of the fund could independently evaluate a demand from shareholders because of these conflicts of interest.  Plaintiffs’ lawyers commented on the court’s common sense approach to what happens in business interactions.

The Securities industry is full of conflicts of interest.  Silver Law Group’s experience is that investor’s best interests are frequently trumped for profits to the brokerage firm.  If you have questions about your legal rights or question whether you have been damaged by conflicts of interest, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.

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