WASHINGTON Puerto Rican investors are lining up for arbitration with UBS AG over losses when the commonwealth's bonds plunged last year.
The Financial Industry Regulatory Authority has received dozens of filings for arbitration from investors on the island who say they were harmed by negligence and unsuitable advice from UBS Financial Services and UBS Financial Services of Puerto Rico. The surge in claims came as the commonwealth geared up for a new issue of general obligation bonds and the main rating agencies cut the territory's debt to speculative grade.
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