UBS to Buy Back $19.4 Billion in Bonds as Settlement
UBS will buy back bonds to the amount of $19.4 billion, in the biggest settlement to date over auction-rate securities.The settlement arises from a lawsuit alleging fraud against UBS, in that the Swiss bank mislead investors about the safety of the securities.
As part of the deal investors who purchased less than $1 million in securities will be reimbursed. The bank will also pay $150 million in fines.
