WASHINGTON — UBS is facing more than $600 million in damage claims filed by Puerto Rico investors in closed-end bond funds, the bank said in its second quarter earnings report Tuesday.

FINRA has a huge list of arbitration claims related to closed-end Puerto Rico bond funds on its plate as investors seek damages for what they claim was misleading advice. The claims were mostly filed against UBS Financial Services of Puerto Rico but also include Merrill Lynch, Banco Popular, Santander Securities, and Oriental Financial Services.

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