Posted AT 12:40 PM EDT on 24/07/08
UBS faces securities-fraud charges in N.Y.
NEW YORK — — New York Attorney General Andrew Cuomo filed a civil lawsuit on Thursday against UBS AG, accusing the Swiss bank of deceptively steering customers into auction-rate securities that this year became impossible to cash out of amid the credit crunch.
The suit, filed in New York state court, accuses UBS of deceptively selling auction-rate securities to customers as cash equivalents.
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