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WASHINGTON, Nov 3 (Reuters) - The units of 13 major Wall Street firms including JP Morgan and UBS will pay a range of penalties to settle regulatory charges alleging they improperly sold bonds from Puerto Rico's landmark 2014 junk deal to retail investors.
The Securities and Exchange Commission said the 13 firms will pay penalties ranging from $54,000 to $130,000 without admitting or denying the charges.
This is the first time the SEC has brought a case for violations of a new rule which prohibits dealers from selling bonds to individual buyers below a certain threshold.
Reporting by Sarah N. Lynch and Lisa Lambert; Editing by Eric Beech