- Class Action
What is a class action?
In a class action, one or more people or entities, called “class representatives,” sue on behalf of themselves and on behalf of other people who have similar claims. If the Court certifies the case as a class action, all of these people are considered a class, unless they decide to exclude themselves from the Class.
- Class Member
Am I a class member?
Plaintiffs have not yet filed their motion for class certification. Once the case reaches the class certification stage, the Court will decide whether to certify a class or not, and if it certifies a class, it will define the duration of the class period and determine who can be a member of the class. If the case proceeds as a class action, the Court would decide the issues for all class members, except for those who ask to exclude themselves from the class.
- Potential Member
How do I know if I am a potential class member?
No class has been certified yet. The Court will decide whether to certify a class in this case, and determine who can be a member of the Class.
- Other Losses
Does this case seek to recover any losses arising from investments in securities other than the CEFs, such as, for example, Puerto Rico government bonds?
No. At this time, this case brings claims based on losses suffered only from investments in the 23 CEFs sponsored or co-sponsored by UBS Puerto Rico.
If I am a class member, how much would participation in a class action cost me?
Unless you decide to hire your own personal lawyer, you will not be directly obligated to pay any costs to litigate this case. In the event there is a recovery by the proposed Class in this action, all costs and expenses of the action, including Class Counsel’s fees, would be paid from that recovery, in an amount approved by the Court.
- Next Steps
What do I have to do at this stage?
At this stage, you do not have to do anything. However, because a statute of limitations or repose—which limits the time within which a party may bring its claims—could impact your ability to bring an arbitration claim or lawsuit, we encourage you to promptly consult with counsel should you wish to pursue claims in an individual capacity.
- The Lawyers
Who are my lawyers?
The law firms that represent the Plaintiffs in this case are Bernstein Litowitz Berger & Grossmann LLP, Grant & Eisenhofer P.A., Kessler Topaz Meltzer & Check, LLP, and The Law Offices of Andrés W. López, P.S.C. Each of these firms has substantial experience in prosecuting securities and securities-related class actions. As the Court has not yet certified a Class, they do not yet serve as counsel for the entire Class. The specific lawyers to whom you should direct any inquiries are:
BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP
Jeremy P. Robinson
1251 Avenue of the Americas, 44th Floor
New York, NY 10020
Tel: (212) 554-1400
Fax: (212) 554-1444
GRANT & EISENHOFER P.A.
123 S. Justison Street
Wilmington, DE 19801
Tel: (302) 622-7026
Fax: (302) 622-7100
KESSLER TOPAZ MELTZER & CHECK, LLP
280 King of Prussia Road
Radnor, PA 19087
Tel: (610) 667-7706
Fax: (610) 667-7056
THE LAW OFFICES OF ANDRÉS W. LÓPEZ P.S.C.
Andrés W. López
USDC No. 215311
P.O. Box 13909
San Juan, Puerto Rico 00908
Tel: (787) 294-9508
Fax: (787) 294-9519
How can I stay updated on case developments?
We will be posting relevant case developments on this website. We encourage you to check this page frequently.