N.H. 1st State To Sue UBS Over Student Loan ARS

Law360, New York (August 15, 2008, 12:00 AM EDT) -- The securities regulator of New Hampshire has filed a suit against UBS AG, alleging the investment bank fraudulently sold auction rate securities to the state's leading issuer of student loans in a scheme that prevented the lender from raising $70 million to fund 6,500 loans.

In a cease-and-desist order filed Thursday with New Hampshire's Department of State, the New Hampshire Bureau of Securities claims that UBS engaged in fraudulent, dishonest and unethical business conduct, withheld material information, and violated its fiduciary duty as underwriter, investment banker...
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