UBS Unit Exits SEC Action Over Pricing Violations

Law360, New York (January 17, 2012, 5:33 PM EST) -- An investment advisory arm of Swiss bank UBS AG has agreed to pay $300,000 to resolve allegations it incorrectly priced securities — most of which were mortgage-backed — in three of its mutual funds, the U.S. Securities and Exchange Commission said Tuesday.

UBS Global Asset Management placed exorbitant values on roughly 54 complex fixed-income securities bundled in three mutual funds, according to an SEC administrative action. UBS bought the securities on behalf of the funds for $22 million in June 2008 and proceeded to value them...
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