DOJ Wants Loss Findings In UBS Bid-Rigging Case OK'd

Law360, New York (May 22, 2013, 5:53 PM EDT) -- The U.S. Department of Justice urged a New York federal court Wednesday to ignore challenges to the government's determination of losses caused by three former UBS AG executives convicted of rigging bids on municipal bond investments.

The Justice Department told the court it should rule against a set of arguments made by former UBS executives Peter Ghavami, Gary Heinz and Michael B. Welty, who challenged the government's calculations of the losses they caused through a bid-rigging scheme for which they were convicted.

Those loss calculations were...
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