Tuesday, November 29, 2016

$740,000 Condado Motors v UBS of Puerto Rico Award

In November 2016, a FINRA arbitration panel in San Juan, PR ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay $611,251 in compensatory damages and costs. In addition, the panel ordered UBS to buy back 17,040 shares of Fixed Income Fund III at $9.70 or make up the difference from the sales proceeds if the Claimant has sold these shares, potentially adding another $130,000 to the award given an approximate $2 per share current value. You can read the award here. Dr. O'Neal testified on liability over UBS Puerto Rico's sale of UBS Puerto Rico municipal closed end bond funds.

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