HOUSTON, Oct. 21, 2013 /PRNewswire/ -- Protecting investors' rights, the law firm of Reich & Binstock has been investigating the claims of many mutual fund holders and others who have lost money on the purchase of Puerto Rico municipal bonds. The Houston-based law firm, which operates in every state, wants to help such investors to recover losses that investors believe may have been averted if they had been properly informed of the financial risks that they were about to take.
The sale of Puerto Rico municipal debt has become a staple of many mutual funds in part because of the local, state and federal tax-exempt status of the bonds' interest. Nevertheless, the commonwealth's recent economic downturn and resultant fiscal crisis allegedly have diminished the value of the bonds, thusly exposing investors, often unwittingly, to losses. Reich & Binstock knows of investors who have lost thousands of dollars each. Reich & Binstock has leveraged its resources to helping them and has opened its door to any similarly situated investors who choose to come forward.
The purchase of Puerto Rico municipal bonds on the margin, which essentially involves investing with a loan from the broker, may have amplified many investors' losses.
"The fund managers either knew or should have known about the risks to which investors were exposed on the purchase of Puerto Rico municipal bonds, and they should have made certain that investors were aware of those risks," Reich & Binstock Of Counsel Debra Brewer Hayes said. "Billions of dollars of these bonds have been sold in recent years. We are here to fight for anyone who has lost money and who, had they been given key information, may have spared themselves losses."
Aggrieved investors may directly contact either Hayes or an attorney who is based at one of the firms working with Reich & Binstock:
Debra Brewer Hayes
Reich & Binstock
Phone: (713) 622-7271
Address: 4265 San Felipe, Suite 1000, Houston, TX 77027
Founded in 1984, Reich & Binstock is a Houston-based law firm that has extensive trial practice and significant experience in virtually every area of civil litigation.
SOURCE Reich & Binstock