UBS forced to buy back "mis-sold" investments

UBS is under pressure in the US (Keystone) Swiss banking giant UBS is facing further pressure after being forced to buy back $19.4 billion (SFr21 billion) of allegedly mis-sold bonds in the United States. UBS struck the deal on Friday just a week after paying out SFr4.6 million to investors in Massachusetts. A top lawyer recently stepped down at the bank in connection with the auction rate securities probe. UBS was also fined $150 million, split between Massachusetts and New York, but the bank denied any wrongdoing. The repayments were sparked by allegations that the bank misled investors into believing the bonds were as safe as cash, only to see them dip in value months later. It faced fraud charges in New York, Massachusetts and Texas and from the US federal authorities. About 50,000 customers have been stuck holding $37... [read full story]