Notice to Former and Retired Bristol Myers
Squibb Employees Concerning Pension and
Stock Option Plan Losses
Silver Law Group and Dimond Kaplan and Rothstein, PA are currently investigating UBS Financial Services of Puerto Rico, Oriental Financial Service and other brokerage firms for FINRA sales practice rule violations related to the sale of UBS Puerto Rico Closed-End Bond Funds and Puerto Rico Municipal Bonds to former and retired Bristol Myers Squibb employee concerning retirement plan rollovers and stock option plan losses. Former and retired Bristol Myers Squibb employees who worked in Puerto Rico commercial and manufacturing facilities located in the following cities, amongst others, may be affected:
- Humacao, and
The investigation involves the inducement of former and retired Bristol Myers Squibb employees to sell company stock or rollover pension plan balances to invest in UBS Puerto Rico Closed-End Bond Funds including UBS Puerto Rico Fixed Income Funds, UBS Puerto Rico Investors Tax Free Funds and Puerto Rico Municipal Bonds which resulted in substantial losses in retirement assets. UBS Financial Services of Puerto Rico, Oriental Financial Service and other brokerage firms, and its financial advisors’ possible violations of Financial Industry Regulatory Authority (FINRA) sales practice rules can be characterized by various infractions which can result in a legal cause of action. FINRA sales practice violations which can result in claims for damages include:
|Unsuitable Investment Advice||Bank Loans and Margin Calls|
|Breach of Fiduciary Duty||Negligence|
|Misrepresentations & Omissions||Conflicts of Interest|
|Excessive Markups/Markdowns||Geographic Concentration in Puerto Rico|
|Failure to Supervise|
Many former and retired Bristol Myers Squibb employees were advised to invest their retirement funds into the non-traded closed end funds because they were represented as providing a safe stable source of tax free income. Additionally, in some instances financial advisors recommended the use of credit lines, including UBS Bank Loans as a source of liquidity to meet investor cash needs without having to sell their holdings in the closed-end municipal bond funds. Many investors now face margin calls because the investments were used as collateral and the underlying investments have lost significant value.
Our legal team currently represents investors in UBS Puerto Rico Closed-End Bond Funds in claims against brokerage firms in Puerto Rico. We are committed to advocacy for investor rights throughout the United States and Puerto Rico. Puerto Rican Investors who are interested in learning what action could have prevented the losses and/or what can be done to recovery any losses are encouraged to contact our law firm. Our attorneys have significant experience representing investors in FINRA arbitration claims. If you have questions about your legal rights, or have been the victim of investment fraud, please contact us Toll Free at (855) 755-4799 for a free consultation.