The Securities Arbitration Law Firm of Klayman & Toskes and Carlo Law Offices File $300,000 Claim Against UBS Financial Services Incorporated of Puerto Rico to Recover Losses Sustained in Puerto Rico Closed-End Bond Funds -- UBS

SAN JUAN, Puerto Rico, May 21, 2014 (GLOBE NEWSWIRE) -- The Securities Arbitration Law Firm of Klayman & Toskes, P.A.,;, together with Carlo Law Offices, P.S.C. located in Puerto Rico, announced today that they filed a claim against UBS Financial Services Incorporated of Puerto Rico, UBS Financial Services, Inc. (NYSE:UBS) and UBS Trust Company of Puerto Rico (collectively "UBS"), on behalf of a retiree from Puerto Rico. The claim, filed with FINRA's arbitration department, seeks to recover losses sustained in UBS' proprietary closed end bond funds ("CEBFs").

The Complaint alleges that in 2011, the Claimant opened accounts, including an individual account and an IRA, with UBS seeking a conservative investment to produce income with low risk. UBS recommended its high risk, proprietary CEBFs that were leveraged and concentrated in Puerto Rico municipal bonds to achieve Claimant's conservative objective. UBS sold the CEBFs with the stated investment objectives of current income with preservation of capital. However, these funds were too risky to maintain these objectives. UBS failed to disclose to Claimant the risk associated with the UBS PR CEBFs in that they are leveraged, lack diversification and trade on a secondary market that is controlled and operated by UBS. This lack of liquidity increases the risk to the funds. In addition to the recommendation to buy CEBFs, UBS recommended that Claimant open a Line of Credit through UBS Bank USA with the CEBFs as collateral for the loan. This was another unsuitable recommendation. By trusting UBS and its financial advisor, the Claimant lost his life savings.

The sole purpose of this release is to investigate, on behalf of our clients, the sales practices of UBS in connection with the sale of CEBFs to their customers. Current and former customers of UBS, or other full-service brokerage firms in Puerto Rico, who purchased CEBFs, and have information relating to the manner in which the firm represented these products, are encouraged to contact Steven D. Toskes of Klayman & Toskes, or Lcdo. Osvaldo Carlo of Carlo Law Offices, at (787) 919-7325, or visit us on the web at or

CONTACT: Steven D. Toskes Klayman & Toskes Lcdo. Osvaldo Carlo Carlo Law Offices (787) 919-7325 www.sueubspuertorico.comSource:Klayman & Toskes P.A.