UBS to pay nearly $20 bln to settle probes: report

Swiss banking giant UBS has reached a $19.4 billion agreement with state and federal regulators to settle charges the firm misled investors who bought auction-rate securities, the Boston Globe reported Friday. The company has also agreed to pay $150 million in fines and the settlement is slated to be disclosed on Friday, according to the newspaper. On Thursday, Citigroup Inc. agreed Thursday to buy back about $7 billion of auction-rate securities it sold to customers, and the financial-services giant will pay $100 million in penalties to settle charges that it made misrepresentations in its marketing and sales of securities. Also, Merrill Lynch & Co.

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- Posted: 2008-08-08 09:21:43

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