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UBS Sued for Securities Fraud
New York State Attorney General Andrew Cuomo has brought a multi-billion lawsuit against UBS AG (UBS), accusing the Swiss banking giant of pushing billions of dollars in auction-rate securities onto ordinary investors as the market collapsed earlier this year.
UBS routinely presented the troubled auction-rate securities as safe, short-term liquid investments even as a senior executive at the bank called the market “a complete loser,†the civil complaint filed by Cuomo alleges.
The suit is yet another blow for the Zurich-based bank, which is also under investigation by U.S. Department of Justice to determine whether UBS helped American clients dodge paying U.S. taxes.
Story continues…
25Jul2008 | Money Morning | Comments Off | Continued
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