Levin Papantonio Thomas Mitchell Rafferty & Proctor P.A. of Pensacola, Florida, one of the nation’s preeminent Plaintiffs law firms, announced today that it has won a verdict along with John F. Nevares & Associates of Santurce, Puerto Rico, in a FINRA Arbitration against UBS Financial Services Inc. (UBS) and UBS Financial Services Inc. of Puerto Rico (UBS-PR). The verdict, for total damages in excess of $19 million, was obtained on behalf of their client in FINRA Arbitration # 15-01833.
The verdict included compensatory damages of $14,909,019 million plus post-award interest, attorneys’ fees of $3,878,344, and costs of $215,557, for losses sustained from investments in Puerto Rico Closed-End Funds and municipal bonds.
The arbitration panel awarded the full damages requested by the Claimants, including requiring UBS to pay the Claimants’ attorneys’ fees and costs. According to Peter Mougey, Shareholder with Levin Papantonio, the panel of three FINRA Arbitrators voted unanimously to award the more than $19 million in damages. Levin Papantonio and John F. Nevares have received almost identical results on behalf of seven customers against UBS in cases tried to verdict, including awards of significant compensatory damages, attorneys’ fees, and costs in each of those cases.
“Throughout 2012 and 2013, UBS hid, misled, downplayed, and understated the escalating risks of the UBS Puerto Rico Closed-End Funds and bonds while UBS’s underwriting and asset management machine has generated more than $2 billion in revenue. At the same time, UBS went to great lengths to protect its own interests while leaving its clients holding the bag.” Mougey said. “The Arbitration Panel unanimously rejected UBS’s attempts to place the blame on our client and found UBS fully responsible for losses suffered,” Mougey noted.
Peter Mougey, along with co-counsel Page Poerschke and Michael Bixby, also of Levin Papantonio, as well as John Nevares, have been lead trial counsel on claims for seven customers against UBS and have obtained significant recoveries in every case tried to verdict against UBS Puerto Rico. Levin Papantonio and John F. Nevares & Associates continue to represent hundreds of investors in Puerto Rico and the mainland United States for losses in Puerto Rico bonds and funds.
“Today’s FINRA Arbitration Award in favor of our client is a win for justice and investor rights, and we are very pleased with the result,” said attorney John Nevares. Pursuant to FINRA Rules, member firms are responsible for supervising a Financial Advisor’s activities during the time the Financial Advisor is registered with the firm, according to Mougey. Therefore, UBS Financial Services Inc. and UBS Financial Services Inc. of Puerto Rico may be liable for investments or other losses suffered by its customers.
Levin Papantonio and Nevares & Associates of Puerto Rico represent investors for claims against Financial Advisors and brokerage firms for wrongdoing, including claims against UBS, Santander Securities, Popular Securities, Oriental Financial Services, Merrill Lynch, and others. If you have experienced investment losses, please call us at 787-545-0156 or visit Puerto Rico Bond Fraud for a free consultation. Levin Papantonio is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.