Eric has served in leadership positions in a number of high profile, complex financial lawsuits. He’s been named a Law360 Consumer Protection MVP, to Daily Journal’s “Top Plaintiff Lawyers in California”, and to the Top 100 Super Lawyers in Northern California.
Gibbs Law Group financial fraud attorneys are representing individual investors who suffered losses on Puerto Rico bonds purchased directly from banks or brokers across the U.S. Financial institutions including Oppenheimer, UBS, Morgan Stanley, Wells Fargo, and HJ Sims, as well as a host of others, sold Puerto Rico bonds directly to American investors.
The Commonwealth’s worsening economy, the downgrading of Puerto Rican bonds to junk status, and the government’s subsequent filing for bankruptcy protection have led to substantial financial losses for Americans invested in these Puerto Rican bonds.
Unsuitable Investments & Overconcentration
Particularly vulnerable to large losses are senior and elderly investors on fixed incomes whose banks and brokers recommended unsuitable investments for retirement savings when selling volatile, junk-rated Puerto Rican bonds to investors unable to take significant financial risks.
Investors whose banks and brokers overconcentrated their portfolios in Puerto Rican bonds are also at risk of suffering irreparable financial harm.
Big Losses on Your Puerto Bonds?
If you’ve suffered substantial financial losses on Puerto Rico bonds purchased directly from a bank or broker, you may be able to recover your money in arbitration proceedings. Talk to one of our financial fraud attorneys to learn more, free.
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Economic Crisis Prompts Puerto Rico Bankruptcy Filing
Puerto Rican government bonds were distributed to various U.S. banks and brokers, who sold them directly to U.S. investors. Some government bonds were also issued to insurance companies and funds that then packaged and sold them to American investors.
In the intervening years, Puerto Rican bond holders in the U.S. have suffered substantial investment losses as the island’s worsening economy stoked fears of a government default on its debts.
In early May 2017, the Puerto Rican government filed for bankruptcy under Title III of a federal rescue law called Promesa.
The Commonwealth’s government and its creditors are currently working with a U.S. bankruptcy court to restructure the island’s $74 billion in junk-rated debt and put Puerto Rico on a path to economic stability.
U.S. Investors Seek Recourse in Securities Arbitration
In the meantime, U.S. investors who have suffered financial losses are seeking recourse via the Financial Industry Regulatory Authority (FINRA), an independent organization for the regulation of financial firms and brokerages and the resolution of securities disputes.
FINRA offers arbitration services to resolve disputes between brokers and investors. Arbitration can be more efficient and economical than litigation. However, FINRA arbitration is a multi-step process that may take over a year to resolve.
FINRA recommends that investors acquire legal representation to offer direction and advice, as banks and brokers will likely be represented by an attorney as well.
Gibbs Law Group’ Financial Fraud Experience
Gibbs Law Group’ financial fraud and securities lawyers have more than two decades of experience prosecuting fraud. Our attorneys have successfully litigated against some of the largest companies in the United States, and we have recovered more than a billion dollars on our clients’ behalf.
We have fought some of the most complex cases brought under federal and state laws nationwide, and our attorneys have been recognized with numerous awards and honors for their accomplishments, including Top 100 Super Lawyers in Northern California, Top Plaintiff Lawyers in California, The Best Lawyers in America, and rated AV Preeminent (among the highest class of attorneys for professional ethics and legal skills).
Noteworthy Financial Fraud Cases
|American Express Financial Advisors Securities Litigation||$100 million cash settlement for clients alleging American Express steered them into under-performing “shelf space funds” to reap kickbacks|
|Chase Bank “Check Loan” Litigation||$100 million settlement for consumers alleging Chase offered long-term fixed-rate loans, only to later more-than-double required payments|
|Peregrine Financial Group Customer Litigation||Settlements worth $75 million for futures and commodities investors who lost millions in the collapse of Peregrine Financial Group, Inc.|
|NantHealth||Court-appointed Co-Lead Counsel in a securities class action alleging the company’s founder violated federal securities law and artificially inflated stock prices|
David’s advocacy has generated major recoveries for consumers impacted by financial fraud. He was named to the Top 40 Under 40 by Daily Journal and a “Rising Star in Class Actions” by Law360.
Michael has over 20 years of experience representing individuals in complex cases involving banking credit card and other financial frauds.