Wells Notice Sent To UBS Over Muni Bonds

Law360, New York (February 14, 2008, 12:00 AM EST) -- The U.S. Securities and Exchange Commission has expanded its investigation of the municipal bond market to include UBS AG, which disclosed that the agency is pondering an enforcement action against it.

In a filing submitted on Thursday, UBS said that it had received a Wells Notice from the SEC “in connection with the bidding of various financial instruments associated with municipal securities.”

UBS, which on Thursday also posted an $11 billion loss for the fourth quarter of 2007, said that the notice related to an investigation...
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