Cuomo Slams UBS With Auction Rate Securities Suit

Law360, New York (July 24, 2008, 12:00 AM EDT) -- The New York attorney general has filed a multibillion-dollar lawsuit against investment bank UBS AG, accusing it of falsely marketing and selling auction rate securities.

In a suit filed on Thursday in the U.S. District Court for the Southern District of New York, New York Attorney General Andrew Cuomo accused UBS of marketing ARS to customers as safe, highly liquid investment vehicles.

“However, the representations were deceptive as the auction rate securities market came under tremendous strain, leaving the securities with mounting liquidity risks that eventually...
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