TMCnet News
Statement by Klayman & Toskes on Warning of PREPA DefaultSAN JUAN, Puerto Rico --(Business Wire)-- Puerto Rico officials recently warned investors in $8.5 billion in Puerto Rico Electric Power Authority ("PREPA") debt that they should be prepared to expect repayment delays or reductions as part of the utility's restructuring. Klayman & Toskes, together with Carlo Law Offices in Puerto Rico, is currently handling numerous securities arbitration claims on behalf of investors in PREPA bonds. According to Steven D. Toskes of Klayman & Toskes, "Our clints were sold PREPA bonds by brokerage firms in Puerto Rico, and were misled to believe that the bonds were low risk and backed by the government. Investors were sold PREPA bonds which carried an extremely long duration to the year 2040, which exposed them to interest rate risk and risk of a default. Our clients were misled and this is not what they bargained for. Our firm plans on aggressively prosecuting these claims on behalf of investors in order to hold brokerage firms accountable." About Klayman & Toskes Klayman & Toskes, a leading securities and litigation law firm, practices exclusively in the field of securities arbitration and litigation, on behalf of retail and institutional investors. The firm represents investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms. |
