UBS To Pay $160M In Muni Bond Settlement

Law360, New York (May 4, 2011, 5:07 PM EDT) -- Swiss investment bank UBS AG agreed Wednesday to pay federal and state regulators $160 million to settle allegations of bid-rigging on the part of former employees in its municipal reinvestment and derivatives group.

UBS' settlement with the U.S. Department of Justice, the Securities and Exchange Commission, the Internal Revenue Service and 25 state attorneys general is the latest in an ongoing probe of bid-rigging in the municipal bonds sector. The investment bank acknowledged that employees on its municipal reinvestment desk rigged bids on at least 100...
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