UBS Pays $23.3M To Settle With Cuomo

Law360, New York (July 16, 2007, 12:00 AM EDT) -- UBS AG has agreed to shell out $23.3 million to settle an antitrust suit brought by the New York Attorney General's Office that alleging it defrauded customers through its InsightOne account program, the Attorney General's Office said Monday.

"UBS convinced customers to rely on its advice and then abused that trust," Attorney General Andrew Cuomo said in a statement Monday. The settlement includes $21.3 million in customer reimbursement and $2 million in fines.

UBS confirmed the settlement, which it called “appropriate and equitable under the circumstances,”...
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