Law360, New York (September 1, 2015, 6:56 PM EDT) -- A Financial Industry Regulatory Authority arbitration panel in Puerto Rico awarded more than $2.9 million on Monday to three claimants that alleged fraud against UBS Financial Services Inc. of Puerto Rico in connection with borrowing secured by investments in the bank's closed-end funds and other municipal bonds.
The bank is liable to Ana Teresa Lopez-Gonzalez, Andres Ricardo Gomez and Wave Management LLC and also must pay $50,000 in costs and more than $479,000 in attorneys' fees, according to the ruling.
A group of other claimants settled in late August, the filing noted. In total, the claimants had requested $10 million in...
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