Texas Seeks To Bar UBS From Doing Biz In the State

Law360, New York (July 24, 2008, 12:00 AM EDT) -- As New York Attorney General Andrew Cuomo hit UBS AG with a civil suit for securities fraud Thursday, Texas authorities have reportedly moved to bar the Swiss investment bank from conducting business in the state.

The Texas State Securities Board has filed for a notice of hearing to suspend the bank's license in Texas as a result of complaints from Texan investors who purchased auction rate securities from UBS AG, Bloomberg News reported Wednesday.

Authorities allege UBS AG fraudulently marketed the bonds as liquid investments that...
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