New York Attorney General Cuomo Announces Settlement With UBS To Recover Billions For Investors...

Within the Past Two Days, Cuomo Has Signed Agreements with the Two Largest Institutions in the Auction Rate Securities Market, Restoring Nearly $20 Billion of Liquidity to Approximately 80,000 Investors Nationwide Attorney General Andrew M. Cuomo today announced a landmark agreement with UBS Securities LLC and UBS Financial Services, Inc. (collectively, “UBS”) to return over $11 billion to investors across New York State and the nation. Today’s agreement will settle the lawsuit Cuomo filed on July 24, 2008 charging UBS with misrepresenting auction rate securities to investors as safe, cash-equivalent products, when in fact they faced increasing liquidity risk. Today’s agreement with UBS comes just one day after Cuomo settled similar allegations against Citigroup. The two settlements together provide relief to approximately... [read full story]