UBS to buy back debt securities

Compiled from Herald News Services Published:Â Saturday, August 09, 2008 Swiss bank UBS AG has agreed to buy back $19.4 billion US of debt securities whose value collapsed during the global financial crisis, and to pay $150 million in fines to settle charges that it misled investors, a Massachusetts official said Friday. The bank's settlement with state and federal regulators in the United States followed an announcement on Thursday that Citigroup and Merrill Lynch would buy back almost $20 billion of such securities between them. The $150 million in fines would be split between Massachusetts and New York, which accused UBS of steering broker clients into 'auction-rate' securities that became impossible to sell when the credit... [read full story]