Puerto Rico Bond
Amidst concerns about Puerto Rico’s debt load and weakening economy, the territory’s tax-free bonds began to decline sharply in value in September 2013. Puerto Rico bonds have since been lowered to below investment grade or “junk”.
As Puerto Rico’s financial condition worsened, investors began suffering substantial losses - in some cases, millions of dollars - on investments in Puerto Rico bonds and bond funds. Learn more about the collapse of the Puerto Rico bond market here: The Puerto Rico Bond Default.
If you sustained losses in Puerto Rico bonds, you may be entitled to recover your losses. Sonn | Erez is representing investors in cases where they have in excess of $100,000 in losses.
Sonn | Erez is representing hundreds of investors in Puerto Rico in FINRA arbitrations against UBS Financial Services, Santander Securities, Merrill Lynch, Popular Securities, and Oriental Financial Services. The cases involve losses in Puerto Rico bonds and closed-end funds. Many of these cases have been resolved and investors have recovered money damages for their losses. Sonn| Erez tried one case against UBS Financial Services and recovered $2.5 million at trial.
Sonn | Erez has also been retained to represent U.S. investors that invested in Puerto Rico bonds. Brokerage firms such as UBS, Merrill Lynch, Wells Fargo, RBC Securities, Morgan Stanley, FMS and others have recommended that their clients invest in high risk Puerto Rico bonds. If they recommended Puerto Rico bonds without adequately disclosing their risks, if the bonds were unsuitable or if they recommended too many Puerto Rico bonds, what is referred to as over-concentration, then investors may have viable claims to recover their losses.