Bloomberg -- UBS AG will pay almost $50 million to settle U.S. Securities and Exchange Commission claims that a brokerage unit violated securities laws in the structuring and marketing of a collateralized debt obligation.
The banks UBS Securities unit failed to disclose that it retained millions of dollars in upfront cash it received while acquiring collateral for the CDO in 2007, the SEC said today in a statement.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access