{"id":4607,"date":"2008-05-11T20:38:30","date_gmt":"2008-05-11T20:38:30","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2008\/05\/ubs_to_pay_massachusetts_munic"},"modified":"2022-03-25T15:15:13","modified_gmt":"2022-03-25T20:15:13","slug":"ubs-to-pay-massachusetts-munic","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ubs-to-pay-massachusetts-munic\/","title":{"rendered":"UBS To Pay Massachusetts Municipalities Over $35 Million for Auction-Rate Securities Losses"},"content":{"rendered":"

UBS Financial Services Inc.<\/a> and UBS Securities LLC<\/a>, both units of UBS AG<\/a>, have agreed to pay 19 Massachusetts public agencies and local governments over $35 million for their losses in the auction-rate securities market. The sum represents the return of principal payments by the municipalities.<\/p>\n

The settlement agreement follows a probe by the Massachusetts Attorney General’s Office into accusations that the two UBS units misled the local entities by convincing them that the investments were low-risk enough that they were allowable for towns and cities under Massachusetts law.<\/p>\n

According to a UBS spokesperson, the investment bank agrees that the auction-rate securities investments are not in fact permissible under this law. The spokesperson said that the repayment and agreement with the Massachusetts entities only apply because of this specific law.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

UBS Financial Services Inc. and UBS Securities LLC, both units of UBS AG, have agreed to pay 19 Massachusetts public agencies and local governments over $35 million for their losses in the auction-rate securities market. The sum represents the return of principal payments by the municipalities. The settlement agreement follows a probe by the Massachusetts […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3865,3755],"tags":[],"class_list":["post-4607","post","type-post","status-publish","format-standard","hentry","category-auction-rate-securities","category-ubs"],"yoast_head":"\nUBS To Pay Massachusetts Municipalities Over $35 Million for Auction-Rate Securities Losses — Investor Lawyers Blog — May 11, 2008<\/title>\n<meta name=\"description\" content=\"UBS Financial Services Inc. and UBS Securities LLC, both units of UBS AG, have agreed to pay 19 Massachusetts public agencies and local governments over — May 11, 2008\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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