Law360, New York (August 08, 2008, 12:00 AM ET) -- Just one day after Citigroup Inc. and Merrill Lynch & Co. agreed to repurchase illiquid auction rate securities, UBS AG has agreed to buy back $18.6 billion in auction rate securities and pay a $150 million civil penalty to settle allegations that it fraudulently marketed the safety of the investments to its customers.
The agreement, inked between the New York Attorney General Andrew Cuomo, the Massachusetts Securities Division, the U.S. Securities and Exchange Commission and other state regulatory agencies, is in addition to the firm's July...
UBS To Buy Back $18.6B ARS, Pay $150M Fine
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