Cuomo shocks bank with lawsuit

New Zealand News.Net
Thursday 24th July, 2008

New York’s Attorney General, Andrew Cuomo, has filed a civil lawsuit against Swiss bank UBS AG.

He has accused the bank of using deception to put customers into auction-rate securities that have become impossible to cash out of.

The suit states UBS deceptively sold auction-rate securities to customers as cash equivalents.

UBS has said it will vigorously defend itself against the charges brought by Cuomo, whom it accuses of reneging on good faith negotiations in which UBS was dealing with Cuomo’s office to bring liquidity to the clients holding the auction rate securities.

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