Washington, D.C. - The Securities and Exchange Commission has finalized settlements with Citigroup Global Markets, Inc. (Citi) and UBS Securities LLC and UBS Financial Services, Inc. (UBS), who misled investors regarding the liquidity risks associated with auction-rate securities (ARS) that they underwrote, marketed and sold.The Securities and Exchange Commission (SEC) said two companies will provide nearly $30 billion to tens of thousands of customers who invested in auction rate securities before the market for those securities froze in February.The settlements, which are subject to court approval, will restore... Click Here For More Details.
Thursday, April 16, 2009
Citigroup, UBS To Buyback $30 Billion Worth Securities From Thousands Of Investors
Washington, D.C. - The Securities and Exchange Commission has finalized settlements with Citigroup Global Markets, Inc. (Citi) and UBS Securities LLC and UBS Financial Services, Inc. (UBS), who misled investors regarding the liquidity risks associated with auction-rate securities (ARS) that they underwrote, marketed and sold.The Securities and Exchange Commission (SEC) said two companies will provide nearly $30 billion to tens of thousands of customers who invested in auction rate securities before the market for those securities froze in February.The settlements, which are subject to court approval, will restore... Click Here For More Details.
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