PLANTATION, FL, UNITED STATES, July 25, 2017 /EINPresswire.com/ — Ackerman, Link & Sartory, P.A. and David A. Weintraub, P.A. are investigating investors’ potential claims against UBS Financial, Merrill Lynch and other broker dealers related to investments in Puerto Rico debt.
On May 30, 2017, United States District Court Judge Laura Taylor Swain ordered “a freeze on all disbursements” to investors holding bonds known as COFINA’s. COFINA’s are paid from local sales-tax revenues. The immediate impact of the ruling was the placement into escrow of the $16.3 million bond payment that was recently due. Subsequent monthly payments will also be placed into escrow. COFINA bondholders are also owed a $277 million payment due on August 1; 2017. That payment will also likely be placed into escrow.
COFINA bondholders who were lead to believe that COFINA payments would be superior to general obligation bondholders’ claims, may be able to recover their investment losses in arbitration against the broker dealer who sold them the bonds.
Potential claimants may discuss legal options and/or the possibility of pursuing claims in arbitration by contacting Scott Link at 561-838-4100 or David A. Weintraub at 800.718.1422. Ackerman Link & Sartory and David A. Weintraub, P.A. are separate law firms that would jointly represent potential claimants.
Scott J. Link
Ackerman Link & Sartory
777 S. Flagler Dr., Suite 800 East
West Palm Beach, FL 33401-6161
David A. Weintraub, P.A.
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