UBS will pay $35M to Mass towns hurt by credit crisis |
| Bizjournals.com - May 8, 2008 |
Wall Street giant UBS Securities LLC will fork over $35 million to a handful of Massachusetts municipalities and government agencies that have been unable to withdraw cash from accounts frozen by the recent credit-market turmoil.
The payment was announced Wednesday by Massachusetts Attorney General Martha Coakley, whose office has been investigating since February allegations that UBS misled local public investors about the safety and liquidity of the auction-security market. The AG's office was looking into allegations that the investments violated Massachusetts law.
Coakley said the UBS investigation is ongoing and is allowable under the state's False Claims Act.
Read Full Article from Bizjournals.com
- Posted: 2008-05-08 08:39:23
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