UBS sued for alleged ARS fraud

UBS executives sold $21 million of personal auction rate securities (ARSs) holdings just days before the market ground to a halt, while continuing to market the securities to unwitting consumers, a New York State lawsuit has alleged.
Attorney-general Andrew Cuomo has filed suit against the Swiss bank at the Supreme Court of New York, seeking $25 billion in restitution for UBS customers caught holding the illiquid paper once the investment bank stopped supporting the ARS market in its role as an a

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