New York sues UBS over auction rate securities
By Daniel at 24 July, 2008, 11:57 am
NEW YORK (MarketWatch) — New York Attorney General Andrew Cuomo on Thursday
filed a lawsuit against Swiss banking giant UBS , alleging that the firm deceived
investors in auction rate securities by telling clients the investments were cash
equivalents. He also claimed senior executives at the firm divested themselves of
$21 million of auction rate securities as the market collapsed, but they
continued to encourage customers to buy them. Cuomo released transcripts of
subpoenaed emails that he said backed up the charges. “Not only is UBS guilty of
committing a flagrant breach of trust between the bank and its customers, its top
executives jumped ship as soon the securities market started to collapse, leaving
thousands of customers holding the bag,” Cuomo said in a press release.
InvestmentWatch relies on the financial support of its readers.
Your endorsement is greatly appreciated!
Possibly Related Posts:
- China issues detailed measures regulating cross-border trade settled in yuan
- The Number of Foreclosures on My Street
- The first country change it’s interest rate to negative
- President John Kennedy looked his fiscal budget and noticed that the largest line item expenditure was to the Federal Reserve
- A hilarious report from a guy about GDP
Did you like this? If so, please bookmark it,
No comments yet.