Breach of Fiduciary Duty
Representing Investors Nationwide
UBS Financial Services, Santander Securities, Popular Securities and Oriental Financial Services are financial services companies that enjoy a strong presence in major markets throughout the world. These firms allegedly encouraged clients to take concentrated positions in Puerto Rican bonds closed-end municipal bond funds.
An article published yesterday (July 17, 2017) in InvestmentNews, reveals two House panels are poised to launch assaults on the Labor Department's fiduciary rule. One is a vote on a bill to kill Labor's rule and replace it with a disclosure-based best-interest standard, while another will take up legislation to prevent funding for enforcement of the regulation. As it usually plays out, if successful, Wall Street wins and individual investors again lose. Gone will be the newly enacted protections so badly needed in an industry characterized by systemic conflict and greed.
The U.S. Department of Labor scored a second victory in its efforts to defend its so-called fiduciary rule against a myriad of challenges when a Kansas federal judge on Monday denied an insurance agency’s bid to halt the rule. U.S. District Judge Daniel D.
Fiduciary duty refers to the ethical standards a stockbroker or anyone else in the financial industry must adhere to when handling a client’s money.