Investors In UBS Puerto Rico Funds Denied Class Status

Law360, New York (October 4, 2016, 10:27 PM EDT) -- A federal judge in Puerto Rico has declined to certify a class of investors who claim UBS AG's Puerto Rican affiliate manipulated the market for its closed-end mutual funds and misled investors on risks, agreeing with a magistrate judge that the investors had not all been told the same thing.

Promising she would explain her reasoning in a separate order, U.S. District Judge Carmen Consuelo Cerezo on Friday adopted a magistrate judge's recommendation that she deny class certification.

The investors say UBS didn't disclose that it...
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