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: Law Blog - WSJ.com

Cuomo v. UBS: Gotham Set to Host Auction-Rate Securities Party

By Dan Slater

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As you may remember, last month Massachusetts got the party started by suing UBS for fraud and dishonest conduct in sales of auction-rate securities. The suit alleged that UBS reps told investors that the securities “were safe, liquid ‘cash alternatives’ when UBS knew they were not.” The bank is defending itself against the suit and recently announced a plan to buy back as much as $3.5 billion in ARS from its customers. Not to be outdone by the Massachusetts Secretary of the Commonwealth, New Yo read more

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Full post as published by Law Blog - WSJ.com on July 23, 2008 (boomark / email).

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