BOSTON (Aug. 8) - The Swiss bank UBS has reached a $19.4 billion agreement to buy back bonds in the biggest settlement yet over claims that banks misled investors to buy auction-rate securities, the Massachusetts Secretary of State's office said Friday. The agreement has been reached between UBS Financial Services Inc. and the federal Securities and Exchange Commission and regulators in several states, including Massachusetts and New York. Brian McNiff, a spokesman for Secretary of State William Galvin, said an official announcement may not come until Monday. The deal was first disclosed on Friday in The Boston Globe. Auction-rate securities have interest rates set periodically, depending on submitted bids. The securities were once considered safe, but investors' funds were frozen after the market for them collapsed in...
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