UBS Agrees To Buy Back $200M In ARS In Texas Deal

Law360, New York (March 4, 2010, 6:48 PM EST) -- UBS AG has agreed to repurchase $200 million in auction rate securities from certain former clients and to pay a $6.6 million fine to resolve Texas securities regulators' claims that the Swiss bank misled customers about the safety of the investments.

The Texas Securities Board, in conjunction with the North American Securities Administrators Association, and UBS signed a consent order Thursday stipulating that the bank would offer to buy back up to $200 million in ARS from clients who purchased the investments from UBS between Jan....
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