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With Puerto Rico settlement in sight, clients win $4.8M award from UBS

Tobias Salinger's With Puerto Rico settlement in sight, clients win $4.8M award from UBS" Financial Planning story reports on a recent recent settlement of $4.8 million in relation to arbitration filings in Puerto Rico. UBS has been accused of unauthorized use of lines of credit and margin, breach of fiduciary duty, breach of contract, unsuitability and negligence by multiple high profile clients following the crash of the Puerto Rico bond market, and SLCG's Edward O'Neal is quoted saying...

AG Ferguson wins historic $14.5M after trial on "trust mill" scheme

A press release from the Washington State Attorney General details a historic settlement of $14.5 million after CLA Estate Services, Inc. and CLA USA, Inc. earned millions deceptively selling estate-planning services and annuities to Washington seniors. Quoted from his testimony in the case, Craig McCann states in the article that during his extended time as an expert witness, he has never seen a product in which "there is a zero chance that a fully informed investor would ever purchase".

Merrill to pay $26 million to New Hampshire, former NH Governor to settle churning allegations

CNBC article "Merrill to pay $26 million to New Hampshire, former NH Governor to settle churning allegations" details the conclusion of a FINRA hearing regarding Merrill Lynch being accused of churning the bank accounts of the former Governer of New Hamsphire. The article quotes Craig McCann, saying that this $24.25 million settlement is the second largest in history for an individual claimant. Dr. McCann has published extensive research on the concept of churning.

FINRA arbitration claims surge on Puerto Rico bond losses, worsened by Hurricane Maria

Arbitration claims filed with the Financial Industry Regulatory Authority have surged from customers who lost money in the fiscal crisis that hit Puerto Rico debt over the past half-decade. The increase in part reflects a resumption of FINRA hearings after a hurricane crippled the U.S. island territory's infrastructure and led to a halt in processing cases.

The number of arbitration claims jumped 45 percent in the first quarter, according to FINRA statistics. The total of 1,152 new...

UBS's Costly Puerto Rican Adventure

Sophie Schimansky's "UBS's Costly Puerto Rican Adventure" reviews the UBS debacle in Switzerland's largest German-language newspaper. The article quotes SLCG's Craig McCann on the devastating impact UBS's conflicted sale of closed end funds and on the high likelihood that additional arbitrations will continue to be filed for many years to come. For a quick summary of SLCG's research into UBS and Puerto Rico, read our blog post "UBS Puerto Rico's Bond Fund Debacle: What We Know so Far".

Puerto Rico Investors Win Relief From UBS

Mike Cherny's "Puerto Rico Investors Win Relief From UBS" in the Wall Street Journal reports on a string of arbitration wins by UBS PR customers over the sale of leveraged closed end bond funds. The WSJ article cites SLCG's analysis of the UBS PR funds and quotes Craig McCann.

Teacher says UBS broker's advice lost her $400,000

Josh Kosman's "Teacher says UBS broker's advice lost her $400,000" reports on the financial losses faced by an investor in UBS Puerto Rico bond funds. The article quotes Dr. Edward O'Neal on the concentration of these funds.

Problem Puerto Rico Bond Trades Erased, Survey Shows More Troubled Sales

Kyle Glazier's "Problem Puerto Rico Bond Trades Erased, Survey Shows More Troubled Sales" reports on dozens of cancelled Puerto Rico bond deal sales to customers that were "erased from EMMA or altered as if they never occurred." The article quotes Dr. Craig McCann on the MRSB's failure to take its "investor protection mandate seriously."

Bond Funds: The Downside

Kirsten Grind's "Bond Funds: The Downside" reports on the recent high returns earned by some short term bonds funds. These higher yielding funds tend to hold bonds with longer maturities and more credit risk than the bonds which dominate lower yielding bond funds' portfolios. The article quotes Craig McCann pointing out that the bond funds that have the highest yields in 2012 will suffer the largest losses if credit spreads widen again as they did in 2008. The higher risk taken by some bond...

Appeals Court Reinstates Morgan Keegan Ruling

The U.S. Court of Appeals for the 5th Circuit ruled that a district court's decision to throw out the arbitration award was made in error, according to an opinion released on Tuesday.

U.S. District Court Lynn Hughes in Houston ruled in September, 2011, that the arbitration ruling should be thrown out because, in part, it was obtained through the alleged 'fraudulent' testimony of Craig McCann, an expert witness and former U.S. Securities and Exchange Commission economist.

The federal...

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