September 18, 2018 / 9:41 PM / a year ago

Judge rejects class status in lawsuit over UBS Puerto Rico bonds

A federal judge in Manhattan has denied class status for a 2015 lawsuit accusing Swiss financial giant UBS of breaching client agreements by putting investors in funds with risky Puerto Rico bonds, wiping out many individuals’ life savings.

The lawsuit alleged that a UBS subsidiary in Puerto Rico sold the funds without looking into whether they were suitable investments, as required by the company’s client agreements. The funds lost billions of dollars, or more than half their value, as Puerto Rico’s fiscal troubles worsened in 2013 and 2014, the lawsuit alleged.

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