Investors, UBS Agree To Arbitrate Mutual Fund Risk Suit
Law360 (October 26, 2018, 8:51 PM EDT) -- Investors and UBS have agreed to arbitrate a suit over whether the Swiss bank and its subsidiaries broke agreements linked to closed-end mutual funds by not properly structuring the investments in light of their exposure to Puerto Rican debt.
According to a Thursday filing in New York federal court, investors Nora Fernandez and Augusto Schreiner agreed to arbitrate their suit alleging that UBS and its Puerto Rican subsidiaries failed to suitably analyze 23 closed-end mutual funds for the common goal of preserving capital because the funds held the island's distressed government bonds.
The investors said UBS violated agreements between 2008 and...
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