Sonn Law Group and the ALB firm received a FINRA arbitration award against UBS Financial Services Inc. and UBS Financial Services of Puerto Rico for $957,796 on November 4, 2016. The Claimant was an elderly beneficiary of a trust that had an account with UBS in Puerto Rico. UBS recommended that she invest her trust account entirely in UBS proprietary closed-end funds and Puerto Rico bonds. When the Puerto Rico bond market declined beginning in August 2013, her trust sustained significant losses.
Sonn Law Group filed a FINRA arbitration claim on behalf of the elderly beneficiary of the trust and claimed that UBS breached its obligations to the trust by recommending high risk and unsuitable investments as well as over concentrating the trust in Puerto Rico focused investments. The trial was conducted over the course of eight days in San Juan, Puerto Rico. The FINRA panel ultimately found for our client and awarded $751,114 in compensatory damages, $60,982 in costs and attorneys’ fees of $145,700.
Sonn Law Group and ALB have resolved over 80 cases for investors that sustained losses in Puerto Rico investments and are aggressively working to obtain recoveries for over 100 families. We represent investors in Puerto Rico as well as families in the Unites States that lost money in Puerto Rico closed-end funds and bonds.