Sunday, July 27, 2008

NY sues UBS, alleges auction-rate fraud

(NEW YORK) New York State sued UBS AG on Thursday, accusing the Swiss bank of committing a 'multi-billion dollar fraud' by steering broker clients into auction-rate securities that became impossible to sell once the credit market tightened.

Source: http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,289479,00.html?

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