The Securities Arbitration Law Firm of Klayman & Toskes and Carlo Law Offices File $700,000 Claim Against UBS Financial Services Incorporated of Puerto Rico As It Investigates Claims for Over-Concentration In Puerto Rico Bank Stocks

SAN JUAN, Puerto Rico--(BUSINESS WIRE)--

The Securities Arbitration Law Firm of Klayman & Toskes, P.A., www.perdidasenbonospr.com ; www.sueubspuertorico.com , together with Carlo Law Offices, P.S.C. located in Puerto Rico, announced today that they filed a claim against UBS Financial Services Incorporated of Puerto Rico and UBS Financial Services, Inc. (NYSE: UBS) (collectively “UBS”). According to the Claim, the Claimant, a business owner in Puerto Rico, entrusted assets with UBS with the objective of current income and capital appreciation. However, UBS ended up concentrating his whole account in preferred and common stock closely tied to the performance of Puerto Rico's economy, including First Bancorp Puerto Rico (NYSE: FBP), Doral Financial Corp. (NYSE: DRL), and W. Holding Co. (Westernbank) (OTC: WHCI). By 2009, just as Claimant was in the midst of diversifying his career to endure a failing economy, UBS failed to diversify his portfolio.

UBS purchased and held for Claimant common and preferred stock from banks in Puerto Rico. The Claimant believed the purchases were consistent with his stated risk tolerance of low to moderate risk. However the over concentration in these bank stocks was fraught with excessive risk given the Claimant's investment objectives. UBS failed to disclose to Claimant the risks associated with over concentrating the account in these securities, which appeared diversified but in reality depended solely in the performance of Puerto Rico's economy. Had this information and the true nature of the risk of the recommended allocation been known to Claimant or properly disclosed, he would not have invested his assets in these products.

The sole purpose of this release is to investigate, on behalf of our clients, the sales practices of UBS in connection with investment recommendations provided to their customers. Current and former customers of UBS who have information relating the investment advice provided by the firm, are encouraged to contact Steven D. Toskes of Klayman & Toskes, or Lcdo. Osvaldo Carlo of Carlo Law Offices, at (787) 919-7325, or visit us on the web at www.perdidasenbonospr.com or www.sueubspuertorico.com .