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Form 8.3 - [ALPHA GROUP INTERNATIONAL PLC - 16 06 2025] - (CGAML)

Form 8.3 - [ALPHA GROUP INTERNATIONAL PLC - 16 06 2025] - (CGAML)

Yahoo17-06-2025
FORM 8.3
PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORERule 8.3 of the Takeover Code (the 'Code')
1. KEY INFORMATION
(a) Full name of discloser:
CANACCORD GENUITY ASSET MANAGEMENT LIMITED (for Discretionary clients)
(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
N/A
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree
ALPHA GROUP INTERNATIONAL PLC
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
N/A
(e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure
16 JUNE 2025
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state 'N/A'
N/A
2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
Class of relevant security:
0.2p ORDINARY
Interests
Short positions
Number
%
Number
%
(1) Relevant securities owned and/or controlled:
1,400,542
3.3106
(2) Cash-settled derivatives:
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:
1,400,542
3.3106
All interests and all short positions should be disclosed.
Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
(b) Rights to subscribe for new securities (including directors' and other employee options)
Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:
3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
The currency of all prices and other monetary amounts should be stated.
(a) Purchases and sales
Class of relevant security
Purchase/sale
Number of securities
Price per unit
0.2p ORDINARY
SALE
2,000
3025p
(b) Cash-settled derivative transactions
Class of relevant security
Product descriptione.g. CFD
Nature of dealinge.g. opening/closing a long/short position, increasing/reducing a long/short position
Number of reference securities
Price per unit
NONE
(c) Stock-settled derivative transactions (including options)
(i) Writing, selling, purchasing or varying
Class of relevant security
Product description e.g. call option
Writing, purchasing, selling, varying etc.
Number of securities to which option relates
Exercise price per unit
Typee.g. American, European etc.
Expiry date
Option money paid/ received per unit
NONE
(ii) Exercise
Class of relevant security
Product descriptione.g. call option
Exercising/ exercised against
Number of securities
Exercise price per unit
(d) Other dealings (including subscribing for new securities)
Class of relevant security
Nature of dealinge.g. subscription, conversion
Details
Price per unit (if applicable)
NONE
4. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state 'none'
NONE
(b) Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:(i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:If there are no such agreements, arrangements or understandings, state 'none'
NONE
(c) Attachments
Is a Supplemental Form 8 (Open Positions) attached?
NODate of disclosure:
17 JUNE 2025
Contact name:
MARK ELLIOTT
Telephone number:
01253 376539
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.
The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.Sign in to access your portfolio
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Kevin O'Leary Says New Executives Get No Stock Options, No Benefits, And No Full-Time Title Until They Prove Themselves, Just Like The Swiss
Kevin O'Leary Says New Executives Get No Stock Options, No Benefits, And No Full-Time Title Until They Prove Themselves, Just Like The Swiss

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Kevin O'Leary Says New Executives Get No Stock Options, No Benefits, And No Full-Time Title Until They Prove Themselves, Just Like The Swiss

Kevin O'Leary says he has completely changed the way he hires executives, and is apparently taking inspiration from Swiss business culture. The investor and television personality explained in a recent post on X, 'No stock options, no benefits, no full-time title... until they prove it. I learned this from the Swiss, and it's revolutionized our operations.' A Six-Month Trial Instead Of A Full-Time Commitment O'Leary described the approach in a video, using the example of hiring a new CEO for a growing venture. Once he narrowed the field to two candidates, he asked one: 'Would you consider becoming a contractor for six months as opposed to a fully empowered employee, and we'll pay you 30% more than your base contract's going to be? No stock options, no benefits for the six-month period. But wouldn't you like to test us first?' Don't Miss: The same firms that backed Uber, Venmo and eBay are investing in this pre-IPO company disrupting a $1.8T market — Bill Gates Warned About Water Scarcity. The idea, he said, is to give both sides the chance to 'road test' each other, making sure the candidate integrates well with the existing team and the parent company. 'Don't you want that experience?' he recalled asking. In this case, the candidate agreed. O'Leary calls it an "apprentice" model, common in Switzerland and across Europe, where the focus is on confirming a cultural fit before offering a permanent position. 'We don't do [this] in America,' he said. 'And we should do it.' He noted that about two-thirds of candidates complete the trial and move on to full-time roles with stock options and benefits. The remaining third leave on good terms, having gained valuable experience but deciding the position isn't right for them. 'We're not firing anybody,' he said. 'Those Swiss guys got it right.' Trending: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can Business Is Binary, Says O'Leary For O'Leary, this hiring method is just one example of his direct approach to business. "Business is binary. There are winners and losers. You either make money or you don't," he posted on X last year. He believes success requires relentless effort, especially for young entrepreneurs. "If you want to succeed in business you have to work 25 hours a day because there's someone across the world who will kick your a*s if you don't." He advises those in their 20s to forget about work-life balance while building a business, stressing that the competition is global and tireless. "You're competing with people in Mumbai or Shanghai who are willing to work 24 hours a day, eight days a week," he said last year.O'Leary adds that the early years are the best time to make sacrifices, because "In your 20s, you can afford the time, the focus and all the stress that comes with building something from the ground up. You should start thinking about taking some time off only after establishing that foundation." For O'Leary, sacrifice, preparation, and persistence are non-negotiable. Whether it's a new hire or a new venture, the standard remains the same: prove yourself. Read Next: 2,000 High Earners Manage $6B With This AI Platform — UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Kevin O'Leary Says New Executives Get No Stock Options, No Benefits, And No Full-Time Title Until They Prove Themselves, Just Like The Swiss originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio

She was living her life on Instagram. Then scammers turned her into a fake crypto queen.
She was living her life on Instagram. Then scammers turned her into a fake crypto queen.

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She was living her life on Instagram. Then scammers turned her into a fake crypto queen.

Months ago, Ahmet Tozal took out three credit card loans and withdrew his life savings to make a fortune off crypto. The 44-year-old Turkish garment worker, who lived in Istanbul at the time, said he'd been goaded by a new friend who contacted him via a random WhatsApp message in 2023. The woman claimed she'd messaged him accidentally, but was friendly and seemed interested in Turkey, Tozal said. She told him she was a wealthy businesswoman who would soon be visiting his country on holiday. Tozal said she sent him dozens of photos of herself, a young East Asian woman traveling the world and attending prestigious conferences. He said they video-called once, for a few seconds. Eventually, she suggested he try investing in crypto. The trajectory of their relationship has the hallmarks of what global authorities call a classic pig-butchering scam, typically run by gangs in Asia. Tozal said that over several weeks, the woman convinced him to invest about 400,000 Turkish lira, or a year's worth of his wages, into a cryptocurrency called UAI Coin. It never existed. Tozal told me he lost everything. Saddled with debt and broke, Tozal moved alone to Uzbekistan to find a higher salary that could feed his family and pay off an extra 200,000 lira in loan interest. His wife and four children stayed behind in Turkey. "Whenever I think about it, it makes one almost go mad," he told me on a call from his shared apartment in Andijan. Pig-butchering, a crypto scam that started in China, is now a global crisis. It draws its name from the concept of fattening a pig before slaughter: The purveyors build a relationship with a mark over weeks or months before persuading them to give away or invest large sums. A 2024 University of Texas study estimated that $75 billion has been lost to such schemes since 2020. In 2023, the Heartland Tri-State Bank in Kansas went bankrupt after its CEO poured $47 million of company cash into a similar scam. Tozal has little chance of recovering his money, and dozens of other men say they were fooled by the same scam. Betrayed and desperate for any restitution possible, they latched onto the only lead they could find: the woman behind the screen. Who was she? Each of the men had photos and videos of her, the young East Asian woman who seemed to be living the high life, but not much else to go on. As they hunted for answers, their stories of loss and grievance would come to haunt a person thousands of miles away, a millennial trying to make a name for herself on Instagram. For months, as he was lured into the crypto trap, Tozal knew her only as Dora. Over nine months, I spoke with more than a dozen men from around the world — many in Central and West Asia — who say they've been affected by this specific pig-butchering scam. While their experiences varied, each one was tricked with the likeness of the same Asian woman. Seven of these men, including Tozal, agreed to full interviews. I verified all of their identities, and they showed me evidence of their online interactions. Several also showed me screenshots of their financial transactions. Many were unwilling to be named and said they did not report their losses to the authorities for fear of being seen as fools and damaging their reputations. Some said they'd fallen in love with their WhatsApp acquaintance; Tozal said he and Dora were strictly friends. The men come from different companies and walks of life. The common denominator? They all had jobs and thus a source of cash. Aamy Ace, a 44-year-old Indian pharmaceutical manufacturing worker, said he was cheated out of $12,000 meant for his father's cancer treatment. Another man, a 24-year-old Kazakhstani restaurant manager in Almaty named Amir, said he borrowed and lost $8,000 — 10 times his monthly salary. They remember different names. Some said they spoke to "Jasmine" for weeks, while others knew her as "Anna." Several, like Tozal, told me their contact was "Dora." The playbook for this scam is standardized. Men like Tozal would receive a cold text and slowly be persuaded to strike up a friendship or romance with the texter. All were sent photos of the same young Asian woman. "A very standard hook is an attractive person, male or female, coming in and saying: 'Oh yeah, I have a business opportunity, I'm going to come see you soon,'" said Joshua James, a cybercrime coordinator in Bangkok with the United Nations Office on Drugs and Crime. Eventually, their contacts convinced them to invest in a fake asset. Most of the men said they put their money into a faux cryptocurrency called UAI Coin. A mobile app and fake trading website lent a sheen of legitimacy to the setup. At first, the profits seemed eye-watering. Erdi Bilgiç, a 36-year-old Turkish electrician in Zonguldak, told me his initial $100 investment turned into $500 overnight in late 2023. Bilgiç, calling himself an avid investor, said he tracks stock prices and bitcoin almost daily, and felt UAI Coin's prices moved in sync with the market. He said that when he withdrew his initial gains, he received the full sum in his bank account. Emboldened, he took out a $1,500 loan at Dora's behest, gathered his life's savings of about $10,000, and put them all in UAI Coin. "She told me: 'Sell your car, sell this, sell that,'" he said. Losing it all To Tozal and Bilgiç, it seemed as though there was only one woman contacting them. But scam gangs, many based in Southeast Asia, are known to force human-trafficked victims to work in teams, sometimes with multiple people posing as the same woman in conversation with a mark. The US Institute of Peace estimated in 2024 that some 220,000 trafficked victims are involved in scams. "Judging by a lot of testimonies of survivors of human trafficking coming from scam compounds, many of them were being asked to pose as attractive young ladies," said Mina Chiang, founder of Humanity Research Consultancy, a UK-registered anti-trafficking social enterprise. To make their ploy more convincing, gangs have a woman take part in occasional video calls or voice messages. Several men in the Dora scam told me they received voice messages and forwarded them to me. A few, including Tozal, also said they had brief video calls. These tactics helped to convince them that Dora was real, they told me. Once the men's savings are invested, the critical point of the scam unfolds. The victims discover they can't withdraw their funds, and the scammers try squeezing them for more. "It is what it is. My money is gone." Tozal said he asked Dora for help and was directed to pay a tax-related fine to unlock his account. When that didn't work, he said, an engineer's fee was required. He said he knew then that he'd been fooled. The funds he lost, including his debt, are worth about $15,000 now, in a country where the average worker earns $7,300 a year. "It is what it is. My money is gone," Tozal said. Others said they've lost even more. A 50-year-old Turkish academic in Ankara said he and his wife had sold their apartment to save for a new city-center flat and dumped that money, along with $50,000 he convinced relatives to invest, into UAI Coin. He showed me a police report he made in Ankara, in which he reported losing more than $100,000 to the scam. "I asked myself, how am I going to live? I can survive, but I have a daughter in school," he said. Now, he added, he and his wife are working weekends and second jobs to make ends meet. Finding Dora In the spring of 2024, the group scamming Tozal appeared to make a mistake. As the men nursed their wounded pride, some received an email offering further help. The sender neglected to blind carbon copy each victim's email address, and the men began to contact each other. They gathered on WhatsApp groups and social media, swapping stories of how they'd been fooled by UAI Coin. Soon, they realized they'd all been talking to the same woman. Younger ones, like Bilgiç the electrician, put her photos into a reverse Google image search. They found someone. She wasn't Dora, or Jasmine, or Anna: Her name was Abe. "I can't be sure 100% it's her, but the videos and photos that we saw online were consistent," Bilgiç said. Abe is a Malaysian woman, they learned. She lives over 5,000 miles from Tozal and Bilgiç and runs a public Instagram account. Her name quickly spread among the men. To those like Tozal, it seemed like the first real step to getting their money back. But as I soon discovered, this woman wasn't the mastermind of an audacious lonelyhearts scam; she was a different kind of victim. Abe Lim was 20 minutes late when we met at a café in Kuala Lumpur's upscale shopping district. Traffic was crazy that morning. "I'm so sorry," said the 29-year-old, sheepish as we shook hands. Lim was easy to find online, and once I got in touch with her, she was keen to talk. She has some 175,000 followers on Instagram, where she posts roughly twice or thrice a week, often glamour or fashion shots of herself. Lim told me her personal brand's focus is the climate crisis. Her family, she said, runs a petrochemical business that she left to build a social media following as an environmentalist. In 2023, she ran for a local state parliament seat while campaigning on climate action, but lost. Lim's day job is running a plastics recycling company she founded in 2021. She posts photos from conferences and symposiums across Asia and the US, and snaps of herself on holiday in Bali and at Buckingham Palace. The array of photos found its way into the phones of men like Bilgiç and Tozal, who believed "Dora" was a charitable multimillionaire. Sometime in late 2023, Lim said, she started receiving online messages from these men. She thought little of it at first. "Because I've sort of put myself in the public spotlight, I felt like it was expected," she said. In early 2024, she said, the men began contacting her friends and family and claiming she'd defrauded them out of hundreds of thousands of dollars. There were rumors of self-harm or suicide. "You're like, OK, this is serious now," she said. "There were messages that said like: 'I'll fly down to kill you, track you down and make you pay for what you did.'" As the year went on, Lim was trapped in an escalating online storm. Messages flooded her inbox and Instagram comments. She said she received dozens of emails and texts a day and showed me several on her phone. Lim was all smiles in her interview, but her fatigue and frustration were palpable. "It's mentally draining," Lim said. Some heartbroken men tried to rekindle a nonexistent relationship with her; others sent threats, she said. For the first few months of 2024, she told me, she feared leaving her home in Malaysia. Lim now tries to delay her social media posts by a few days to keep her live location secret. "There were messages that said like: 'I'll fly down to kill you, track you down and make you pay for what you did,'" Lim said. The men were divided on whether Lim was "Dora" or an unwitting victim of someone pretending to be her. Some, like Bilgiç, said she clearly wasn't the woman they had chatted with. Several sent me recordings of their video calls, which showed East or Southeast Asian women holding up a hand or using a camera angle to obscure their faces. "Internet connection is not good," said a woman in one video I viewed. She was clearly not Lim. 'Should I compensate them?' As Lim and I sipped tea in Malaysia, she explained how she was grappling with a dilemma. With her personal brand living on Instagram, how much time should she spend defending her reputation and speaking out against scams? Should she stop posting? Her brand was about the climate crisis, not going to war against fraud. "I have a platform, it's not that hard for me," she said. "But do I want to be known as the person that combats this?" In February 2024, she posted several warnings about scams on Instagram. Some of the men were insisting she was liable for their losses because her images were used. "They say they know it's not you, but it's your photos anyway, so you should take some responsibility of compensating them with some amount," she said. Lim said she considered paying some of them until her family talked her out of it. "I had a lot of guilt," Lim said. "I felt like, would these allegations have appeared if I had brought this up in public earlier?" 'Who are you going to sue?' James, the UNODC cybercrime coordinator, said Lim fits the profile of a content creator whose images are farmed by scam rings. "This is actually just a third party that has nothing at all to do with anything in the scam, and they sometimes have to even suffer the legal consequences afterward. Because, who are you going to sue?" James said. For swindlers, Lim's account was perfect. She was not well-known enough for a target to recognize her, and she frequently posted photos of herself in new outfits or at public events — a wealth of content to exploit. Online footage and voice data can also be fed to an artificial intelligence algorithm to create a face filter for use in video calls, James added. In Lim's case, several victims sent me screenshots of video calls with scam workers, which appeared to feature AI-empowered deepfake face filters. When analyzing the screenshots, James said some images were highly suspicious, with tell-tale features of AI filters such as discoloration on the edges of the face and crispness around hair. He added that varying chin shapes and neck bumps in the webcam images also indicated the victims were likely called by at least two different women using deepfake filters. "I would say it is very likely the images with white are deepfakes," James said. Fraudsters, roaming free Lim said what frustrates her most is that she's reported dozens of Instagram and Facebook accounts using her name and photos. Many were not taken down. A Facebook search of her name shows her photos on a dozen accounts purported to be of women living in Los Angeles, San Francisco, and New York. Some claim to run a plastics recycling company with the same name as Lim's firm. "If you have a verified account with this face," Lim said, pointing to herself. "You shouldn't allow an account with the same photo to stay up." A spokesperson for Meta, which runs Facebook, Instagram, and WhatsApp, told me via email that it was committed to keeping its platforms safe and that it continues to "invest in detection technology and work with law enforcement to prosecute scammers." "Impersonation is against Meta's policies and we remove these accounts when they're found," the spokesperson wrote. The company said it dealt with 1 billion fake accounts on its platforms in the first quarter of this year. Meta did not comment on Lim's case specifically. Legally, Lim can't do much to compel Meta, which is headquartered in California, to take down accounts using her images, said Eric Goldman, the codirector of the High Tech Law Institute at Santa Clara University. "In the United States, Facebook may have no obligation to intervene to shut down or correct scam accounts," he said. US law protects social media firms from liability for third-party content posted on their platforms. Meanwhile, Bilgiç and other victims in Turkey have engaged local lawyers in hopes of suing whoever took their money or compelling their arrest. It'll be a long shot. "It's the general principle of criminal law. If you cannot find the person committing the crime, your hands are tied," Tarık Güleryüz, a partner at the Turkish law firm Güleryüz Partners, told me about the country's legal standards. James, the UNODC anti-cybercrime coordinator, said perpetrators know the world's law enforcement system is ill-equipped to deal with pig-butchering scams. A victim's best hope is an international coalition involving Turkey, Malaysia, and wherever the culprits are located, James said. China, a country with considerable influence in Laos and Cambodia, has performed cross-border raids there, mostly against scam rings targeting Chinese citizens. For countries like Turkey and Malaysia, nearly 5,200 miles apart, the best the men can do is hope and wait. These days, Lim is posting frequently on social media and is trying to grow her brand as an environmentalist. "All I lost was some reputation and photos. I didn't lose money, I didn't go through heartbreak with someone who didn't exist," Lim said. This year, she enrolled in a master's program for sustainable development management at Sunway University in Selangor. Tozal, who lost his life savings to "Dora," is also trying to move on. He said his wife was furious with him, and when I asked last month how their relationship was faring, Tozal said he's just trying to focus on working to support his family. He travels to see his children once every six months or so. Sitting in the kitchen of the Uzbek flat he shares with a roommate, he wondered aloud if he should blame himself. Years ago, he'd seen news reports of men falling for scams and marveled at how they could be fooled. "But when you see bits of a luxurious life coming your way, when you see the money coming into your account, inevitably you start feeling a type of way, even if you don't want to," Tozal said. He was just being human, he said. Now, he's in a foreign land, working alone. Translation by Ezgi Evrim Ozkol and Evgeniya Strygina. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Puerto Rico Investors Ask Appeals Court To Overturn UBS Lawsuit Dismissal
Puerto Rico Investors Ask Appeals Court To Overturn UBS Lawsuit Dismissal

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Puerto Rico Investors Ask Appeals Court To Overturn UBS Lawsuit Dismissal

You can find original article here Wealthmanagement. Subscribe to our free daily Wealthmanagement newsletter. A Puerto Rico-based duo is asking a federal appeals court to overturn a lower court's dismissal of their lawsuit against UBS Financial Services. In the suit, Vanessa Santini Hernández and Lourdes González Gutiérrez argued the firm violated their conservative risk preferences by engaging in a 'scheme' to sell them risky bonds and securities. The duo filed the original suit in the Puerto Rico court last February. Santini is a doctor, while González is a 79-year-old San Juan retiree who previously worked in the mortgage banking industry. According to the complaint, they relied on UBS's counsel in investment matters, with the money invested representing their financial security. According to Santini, the firm understood her situation and desire for conservative investment objectives. In the complaint, the plaintiffs accused UBS of selling them Puerto Rico bonds and shares of closed-end mutual funds to boost their own profits, despite these products being excessively risky. According to the complaint, the plaintiffs were falsely told that the shares in the portfolio were PR Bonds guaranteed by the government. The plaintiffs alleged that UBS advisors 'explicitly' recommended the duo purchase the closed-end funds and bonds and continue holding the securities. 'The artificial market demand for the PR securities created by the selling scheme caused a surplus and excessive supply that far exceeded any market demand that made such investments much less worthy of credit or value and was an immediate cause of the hopeless fall of the PR bonds market and proximate cause of the breach of their contract with them and causing thus loss to the plaintiff,' the complaint read. According to the complaint, the plaintiffs didn't suffer financially until Puerto Rico's debt growth outpaced economic growth. In a July 2012 report from the New York Federal Reserve, it asserted that putting Puerto Rico on a path 'of robust, sustainable and inclusive growth remains a work in progress,' according to an analysis from the Journal for Corporate Finance. Within several years, credit agencies degraded several Puerto Rico bond issues to junk status, Puerto Rico defaulted on several bond commitments, and, according to NBC News, the government filed for the largest municipal bankruptcy in U.S. history in 2017. The government officially exited bankruptcy in 2022 with a massive public debt restructuring. On June 30, a Puerto Rico superior court agreed with a UBS motion to dismiss Santini and González's case. The court cited the length of time between the alleged wrongdoing and the case itself and claimed the suit lacked details on how UBS sought to deceive the investors. According to the judge, the complaint 'lacks particularized allegations as to what materially false or misleading misrepresentations or omissions were made by UBS, why those statements or omissions were false or misleading, when those statements or omissions were made, or who made the supposedly false or misleading misrepresentations or omissions.' Nevertheless, the plaintiffs notified the court that it was appealing the decision to the First Circuit Court of Appeals, whose jurisdiction includes Puerto Rico. UBS declined to comment, and an attorney for the plaintiffs didn't respond prior to publication.

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