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prima:Federal court orders the appointment of new directors for Puerto Rico’s mutual funds

The fund family halted these appointments by filing an emergency motion to appeal the decision to the First Circuit Court of Appeals in Boston

August 1, 2024 - 5:52 PM

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It is estimated that the Puerto Rico family of mutual funds have spent more than $5 million on outside counsel to fight Ocean Capital and other investors. (Xavier Araújo)

The family of closed-end mutual funds managed by UBS Asset Managers of Puerto Rico went to the First Circuit Court of Appeals in Boston with the expectation of preventing the appointment of new directors, following a court victory by investor Ocean Capital LLC.

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