We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.