Advertisement
YOU ARE HERE: LAT HomeCollections

Business Briefing / BANKING

UBS agrees to buy back securities

August 09, 2008|From Times Wire Services

Swiss banking giant UBS agreed to buy back nearly $20 billion in auction-rate securities from investors, a day after Citigroup Inc. reached a similar settlement with regulators for $7 billion as part of a wide-ranging investigation into the collapse of the market for the bond-like investments.

UBS will repurchase all $18.6 billion of the securities it sold and pay a fine of $150 million as part of an investigation led by New York Atty. Gen. Andrew Cuomo into whether banks misled customers about the safety of the securities.

Advertisement
Los Angeles Times Articles
|
|
|