By Jeffrey M. Haber In December 2016, UBS lost an $18.5 million arbitration brought by two former clients, a husband and wife, in connection with the sale of closed-end funds that were concentrated in Puerto Rican bonds. The controversy arose in the wake of the collapse of the island’s bond market in 2013 during which time UBS allegedly increased the local demand for the bonds artificially and misled the clients about the potential risks associated with the investments. In 20