14. New York sues UBS for fraud
                   
thestar.com.my     Jul 26, 2008            

NEW YORK: New York State sued UBS on Thursday, accusing the Swiss bank of committing a "multibillion dollar fraud" by steering broker clients into auction rate securities that became impossible to sell once the credit market tightened. The lawsuit, filed by New York State Attorney General Andrew Cuomo, accuses UBS of deceptively selling auction rate securities as cash equivalents. Municipalities, student loan companies and mutual funds, issue these long-term securities and interest rates are set through weekly or monthly auctions. The lawsuit said that at least seven UBS executives dumped US$21mil in auction rate securities that they held in personal accounts as the credit market began showing signs of trouble, and that the bank continued to sell those securities. UBS “continued the fraud after they knew the fraud was... [read full story]                    


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Digest: H&R Block says it has finished overhaul

chron.com     yesterday          

H&R Block says overhaul is over H&R Block, the largest U.S. tax preparer, is done with its strategic overhaul after leaving subprime lending and will keep its bank and consulting units, Chief Executive Officer Russ Smyth...                    

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AIG's Greenberg Faces Fine

wsj.com     yesterday   1 related          

By AMIR EFRATI September 6, 2008; Page B3 Maurice R. "Hank" Greenberg could be fined at least $100 million as part of a settlement envisioned by the New York state attorney general's office in a long-running civil-fraud...                    

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Student loan companies in settlement talks (AP)

yahoo.com     Sep 5, 2008   9 related          

The attorney general of New York is negotiating settlements with eight student loan companies to reform deceptive practices in the industry. A particular focus is the marketing of products so they appear to be federal...                    

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Bank of America ready to settle securities probes

washingtonpost.com     Sep 5, 2008   18 related          

WASHINGTON -- Bank of America Corp. said Friday it is ready to settle federal and state investigations into sales of risky auction-rate securities, joining eight other big investment banks that have agreed to buy back a...                    

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