Finra orders UBS to pay $80m to settle frozen assets claim

Mark Sands
01 Sep 2010

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NEW YORK – UBS has been ordered to pay a settlement of $80.8 million to a mobile phone manufacturer to settle claims the Swiss bank was responsible for a loss of earnings.

Kajeet, a firm that specialises in manufacturing phones for children, claimed it suffered a loss of business when money it had invested in auction-rate securities through UBS became inaccessible when the market froze in February 2008.

Auction-rate securities are bonds that are bid on by investors and then sold on to those who

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