UBS accused of fraud in US
Saturday, July 26th, 2008Just adding to the woes of UBS, the New York State Attorney General yesterday filed a multi-billion dollar civil lawsuit against the Swiss banking giant, for allegedly offloading troubled auction-rate securities owned by the bank and its senior staff on to retail investors.
The lawsuit charges UBS with falsely marketing and selling auction-rate securities as safe, cash-equivalent investments when they were clearly not.
UBS strenuously denies the reports.
More details are here: