SEC Finalizes $30B ARS Deal With Citigroup, UBS

Law360, New York (December 11, 2008, 12:00 AM EST) -- In the largest combined settlement in the agency's history, the U.S. Securities and Exchange Commission announced Thursday that it has finalized agreements totaling $30 billion with UBS AG and Citigroup Inc. that settle allegations that the banking giants fraudulently marketed auction rate securities as safe.

UBS will buy back $22.7 billion in securities and Citigoup will buy back $7 billion in securities in the deals, which will return money to tens of thousands of investors who were left with illiquid investments when the ARS market froze...
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