Puerto Rico

The firm suffered another arbitration loss this week to clients seeking damages related to the firm's closed-end funds of Puerto Rico municipal bonds.

An arbitration panel ordered the wirehouse to pay two former clients $250,000, a mere 10% of what they originally sought, in a case involving the sale of funds of Puerto Rican municipal bonds.

Now that its private-equity injection is almost a done deal, First BanCorp's natural next move would be to consolidate power in Puerto Rico. Unless it sells itself instead.