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UBS Puerto Rico faces 'Whopper' of a problem over muni bond funds
The woes stemming from UBS AG's unit in Puerto Rico over the sale of local, closed-end municipal bond funds have landed squarely in the lap of UBS brokers and financial advisers in the island commonwealth.
BofA settles municipal derivatives-rigging claims
Bank of America Corp. agreed to pay $20 million to settle a class-action lawsuit by a group of government entities that alleged the bank was part of a conspiracy that rigged bids for municipal derivatives. The $20 million is in addition to the $62.5 million Bank of America contributed to a
Morgan Stanley's outlook for munis in 2014 isn't pretty
Morgan Stanley forecasts an 80% chance that municipal bonds will lose money again next year, primarily because of rising interest rates. Year-to-date through Tuesday, the average national intermediate-term bond fund is down 2.16%.
Detroit bankruptcy has surprising long-term implications
Through last week, muni bond mutual funds have experienced 27 consecutive weeks of net outflows and while the investor exodus has not helped fund performance, it has contributed to the reality of basic bond math, which means higher yields.
UBS offers to repurchase Puerto Rico muni bond funds, plaintiff's attorneys say
A unit of UBS AG has offered to repurchase shares of moribund, closed-end municipal bond funds invested in Puerto Rico muni securities from a select number of clients, according to plaintiff's attorneys. Bruce Kelly reports.
Bonds to avoid tapering's effect
Interest rates are rising, cities are filing for bankruptcy, and the Federal Reserve is preparing to begin reducing its monetary-stimulus policies, a process known as tapering.
Taper threat triggering global debt fallout
Today's Breakfast with (InvestmentNews senior columnist Jeff) Benjamin: SEC targets advisers; hedging with gold mining stocks; new muni bond math, and how athlete IPOs pull a hammy.
Judge dismisses SEC complaint involving UBS Puerto Rico bonds
In a win for UBS Financial Services Inc., an SEC administrative judge dismissed allegations that two leading executives in Puerto Rico committed fraud in 2008 and 2009.
Galvin eyeing Puerto Rican muni debt obligations
Massachusetts securities regulators have begun to make inquiries about the sale of Puerto Rican municipal debt obligations to investors in the state, with the office of Secretary of the Commonwealth William Galvin last Wednesday saying that it had sent inquiry letters to Fidelity's FMR Co. Inc.;
OppenheimerFunds loses more bond bets
Muni bond funds rocked by big bets on Puerto Rican debt, stirring up memories of 2008.
Oppenheimer's risky bond bets backfire — again
OppenheimerFunds' municipal bond funds have been rocked by big bets on Puerto Rican debt, stirring up memories of its Core Bond Fund's disastrous 2008. Jason Kephart has the story.
Muni star Whitney winds down brokerage, sets up fund
After three unprofitable years, still waiting for the muni bond apocalypse.
UBS Puerto Rico funds plummet
The value of proprietary closed-end-bond funds heavily invested in Puerto Rican municipal debt and created by a unit of UBS AG is plummeting, leaving the Puerto Rican arm of the firm and its 132 financial advisers there embroiled in a potentially lengthy fight with local investors who purchased the
Surtax strategies can boost Medicare premiums
Advisers and clients might want to take a closer look at the tactics they're using to mitigate the new 3.8% investment income tax because certain strategies could lead to higher Medicare premiums.
UBS facing legal fight over Puerto Rico bond funds gone south
A UBS unit is facing a legal fight over the sale of Puerto Rico closed-end-bond funds after their values slumped. Bruce Kelly has the story.
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