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: FinancialCounselSpecial Alert: UBS Agrees To A BuyBack To Settle ARS Claims On The Heals Of Citigroup And Merrill Lynch Settlements
By James Eccleston
According to news sources, UBS has agreed to a $19.4 billion buyback to settle charges it misled investors to buy risky bonds says the Massachusetts Secretary of State's office. The agreement has been reached between UBS Financial Services Inc. and the federal Securities and Exchange Commission and regulators in several states.
This comes a day after Citigroup and Merrill Lynch said they would buy back almost $20 billion of such securities between them. The deal is the latest, and by far the largest, in a string of settlements involving state officials. News of the UBS deal comes a day after Citigroup Inc. agreed to buy back more than $7 billion in auction-rate securities and pay $100 million in fines. Also on Thursday, Merrill Lynch agreed to buy back an estimated $12 billion in auction-rate securities from its clients over a one-year period beginning January 15, 2009.
Full post as published by FinancialCounsel on August 08, 2008 (boomark / email).
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