The SSEK Partners Group is investigating claims by investors who bought Puerto Rico municipal bonds from UBS (UBS), Banco Santander (SAN.MC), Banco Popular and other brokerage firms. We are also looking into claims involving other muni funds that have been exposed to Puerto Rico, including the:
• Franklin Double Tax-Free Income A (ticker: FPRTX): 65% of its holdings involve Puerto Rico obligations.
• Oppenheimer Rochester VA Municipal A (ORVAX): 33% of its holdings in Puerto Rico bonds.
• Oppenheimer Pennsylvania Municipal A: 2.47% of its holdings in Puerto Rico bonds
Currently, Puerto Rico has about $70 billion in tax-free municipal bonds that are outstanding—a quantity much greater than the $18 billion in debt that prompted the city of Detroit to file for municipal bankruptcy.
The Puerto Rico bond troubles did not arise without warning. As far back as 2009 there were signs of problems. It was that year that the governor of Puerto Rico declared a fiscal emergency. Last year, the bond problems got worse, with many warning investors of the risks involved in Puerto Rico municipal bonds. Still, brokerage firms continued to promote these bonds. In 2013, the bonds funds are sustaining huge losses.
Puerto Rico Municipal Bond Claims and Lawsuits
We believe that about $10 billion of Puerto Rico municipal bonds may have been inappropriately sold to investors, and already, the investment losses for some are catastrophic. Please contact our Puerto Rico municipal bond lawyers today. We can help you determine whether you have grounds for a claim to recover your investment losses. Your case consultation with us is free. Our securities fraud law firm is here to help.
More Blog Posts:
Puerto Rico Municipal Bonds, Stockbroker Fraud Blog, October 9, 2013
Muni Bonds Draw Investors But Come With Serious Risks, Stockbroker Fraud Blog, June 11, 2013
Detroit Becomes Largest US City to File Bankruptcy Protection, Institutional Investor Securities Blog, July 18, 2013