Monday, October 29, 2018

$564,559 Pastrana v UBS of Puerto Rico Award

In October 2018, a FINRA arbitration panel in San Juan, PR ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay at least $564,559 in compensatory damages, attorney's fees and costs. The panel also ordered UBS to repurchase certain closed end funds at their account statement values. You can read the award here. Dr. McCann testified on liability and damages over UBS Puerto Rico's sale of UBS PR closed end funds and individual Puerto Rico municipal bonds.

Friday, October 19, 2018

$19 Million Moyett v UBS of Puerto Rico Award

In October 2018, a FINRA arbitration panel in Atlanta, GA ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay $14,909,019 in compensatory damages, plus attorneys’ fees of $3,878,345 and costs of $215,557. You can read the award here. Dr. McCann testified on liability and damages over UBS Puerto Rico's sale of UBS PR closed end funds and individual Puerto Rico municipal bonds.

Wednesday, August 22, 2018

Grimes v Trustmont Financial Group- $1 million non-traded REIT, Annuity Award

In August 2018, a FINRA arbitration panel in Tampa, FL ordered Trustmont Financial Group to pay $1,041,000 in statutory damages pursuant to FL Section 517, punitive damages, costs and fees. You can read the award here. Dr. McCann testified on liability and damages over Trustmont's sale of a non-traded REIT (Griffin Capital Essential Asset) and two variable annuity switches.

Dr. McCann's "Fiduciary Duties and Non-traded REITs" can be downloaded here and SLCG's blog posts on non-traded REITs can be found here.

Friday, June 22, 2018

$4.3 Million Bender v UBS of Puerto Rico Award

In June 2018, a FINRA arbitration panel in San Juan, PR ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay $4,20,000.00 in compensatory damages, plus costs of $100,000. You can read the award here. Dr. McCann testified on liability and damages over UBS Puerto Rico's sale of Puerto Rico municipal bonds.