UBS Faces Charges in Auction-Rate Securities Mess

By 6abc
NEW YORK (AP) - July 24, 2008 New York Attorney General Andrew Cuomo announced Thursday that he has sued the bank for misleading investors about the potential risks of the securities.

For years, banks including UBS promoted these types of investments as being exceptionally safe and liquid.

But some buyers were left holding the bag when the $330 billion market collapsed last winter due to turmoil in the credit markets.

UBS already faces similar charges in Massachusetts.

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