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Reuters: New York sues UBS, alleges auction-rate fraud

Started by chris, July 25, 2008, 01:41:10 AM

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chris

New York sues UBS, alleges auction-rate fraud
      


NEW YORK (Reuters) - New York State sued UBS AG on Thursday, accusing the Swiss bank of committing a "multi-billion dollar fraud" by steering broker clients into auction-rate securities that became impossible to sell once the credit market tightened.
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