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Investors in UBS's Puerto Rico closed-end funds have filed more than $1.1 billion of claims

Investors in UBS's Puerto Rico closed-end funds have filed more than $1.1 billion of claims, the Zurich-based bank said in a July 28 filing. Investors have alleged that UBS steered customers into risky funds that invested mostly in securities issued by Puerto Rico. The value of the investments plummeted as Puerto Rico's fiscal crisis worsened. Some investors also accused UBS advisers of offering loans to invest in the funds and manipulating a secondary-market for their shares. 

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