SEC Finalizes $30B ARS Deal With Citigroup, UBS

Law360 (December 11, 2008, 12:00 AM EST) -- In the largest combined settlement in the agency's history, the U.S. Securities and Exchange Commission announced Thursday that it has finalized agreements totaling $30 billion with UBS AG and Citigroup Inc. that settle allegations that the banking giants fraudulently marketed auction rate securities as safe.

UBS will buy back $22.7 billion in securities and Citigoup will buy back $7 billion in securities in the deals, which will return money to tens of thousands of investors who were left with illiquid investments when the ARS market froze...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.