Citigroup and UBS AG agreed on Thursday to buy back a total of nearly $30 billion in risky auction-rate securities that regulators said the banks marketed to customers as safe. Tens of thousands of the banks' customers bought the auction-rate securities before the $330 billion market for them froze in mid-February, the SEC said in announcing the final accords. The new settlements are the largest return of customer money in the agency's history, according to SEC Chairman Christopher Cox.
December 12, 2008 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Citigroup Inc. and UBS AG on Thursday agreed to buy back a total of nearly $30 billion in risky auction-rate securities that regulators said the banks marketed to customers as safe.
The Securities and Exchange Commission formally approved the settlements with the two banking giants following preliminary deals that were reached in August. Securities regulators in Texas and New York also announced details of final agreements with the banks.
Presented by BigVoodoo
Law firms & in-house legal departments with a presence in the middle east celebrate outstanding achievement within the profession.
The premier educational and networking event for employee benefits brokers and agents.
The Legal Intelligencer honors lawyers leaving a mark on the legal community in Pennsylvania and Delaware.
Atlanta s John Marshall Law School is seeking to hire one or more full-time, visiting Legal WritingInstructors to teach Legal Research, Anal...
Lower Manhattan firm seeks a premises liability litigator (i.e., depositions, SJ motions, and/or trials) with at least 3-6 years of experien...
Join the Mendocino County District Attorney s Office and work in Mendocino County home to redwoods, vineyards and picturesque coastline. ...
MELICK & PORTER, LLP PROMOTES CONNECTICUT PARTNERS HOLLY ROGERS, STEVEN BANKS, and ALEXANDER AHRENS
