Saturday, November 22, 2008

Friday, August 8, 2008 - 17:00

AFP News Briefs List
 
UBS to buy back $19bln of securities

Swiss banking giant UBS has agreed to buy back 19.4 billion dollars' worth of stressed securities it marketed to investors under a deal with regulators in the US state of Massachusetts, an official said Friday.

The settlement was announced after Massachusetts regulators had charged UBS in late June with securities fraud in relation to its role in marketing so-called auction rate securities.

"There has been an agreement. UBS will pay 19.4 billion dollars to buy back these securities," a spokesperson for the office of William Galvin, the Massachusetts secretary, said.

 

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