Two Miami attorneys helped win a $2.5 million verdict against UBS Financial Services Inc. in arbitration.
Jeffrey Erez and Jeffrey R. Sonn of Sonn & Erez represented a retired San Juan, Puerto Rico, couple who consolidated their security investments with UBS.
The funds were concentrated in Puerto Rican government bonds before their value plummeted in September 2013.
Orlando Rodriguez Gonzalez and Milagros Vila Maldonado alleged misconduct in the sale of the bond funds and the use of a credit line loan to purchase additional UBS bond funds.
The couple was awarded $2.545 million on Tuesday in Financial Industry Regulatory Authority arbitration held in Puerto Rico.
“This is a very significant verdict as it is rare to obtain a multimillion dollar FINRA arbitration award,” Erez said. “This award soundly rejected UBS’s central theme that all Puerto Rico investors only wanted tax-free Puerto Rico-based investments.”
The arbitrators were Kenneth R. Starr, Edward R. Niederriter and David Walton Earle.
Read more: http://www.dailybusinessreview.com/id=1202734605763/Couple-Wins-25-Million-inArbitration-Against-UBS#ixzz3jBWv1eFz