Defendant Name: UBS Securities LLC

Defendant Type: Subsidiary of Public Company

Document Reference: LR-21658

Document Details

Legal Case Name SEC v. UBS Securities LLC and UBS Financial Services, Inc.
Document Name SEC Completes Review of Performance by UBS under Auction Rate Settlement
Document Date 21-Sep-2010
Document Format Civil Proceeding
Case Number 08-cv-10754
Federal District Court New York, Southern District of New York
Allegation Type Broker Dealer
Document Summary On September 21, 2010, the SEC issued a litigation release announcing that UBS Securities LLC and UBS Financial Services, Inc. have satisfied their obligations under their auction rate securities with the SEC. These obligations: "returned more than $18 billion to the firm's ARS customers."

Related Documents:

complaint_08-cv-10754 11-Dec-2008 Complaint
Complaint
In the Complaint, the SEC stated: "This is a case in which the Defendant misled tens of thousands of its customers regarding the fundamental nature and increasing risks associated with auction rate securities ('ARS') that UBS underwrote, marketed and sold. Through its financial advisers ('FAs'), sales personnel, and marketing materials, UBS misrepresented to customers that ARS were safe, highly liquid investments comparable to money market instruments. As a result, numerous customers invested in ARS funds they needed to have available on a short-term basis." In particular, the SEC alleged that: "On February 13, 2008, UBS determined that it would not continue to support auctions, as it had historically done, and that it would let its auctions fail. As a direct result of auction failures, over forty thousand UBS customer accounts holding more than $35 billion in auction rate securities had their investments rendered virtually illiquid overnight and, because of the illiquidity, many customers incurred market to market losses on the par value of their ARS investments held at UBS. Customers who did sell their securities in the secondary market had to do so at a loss."
LR-20824_08-cv-10754 11-Dec-2008 Litigation Release
SEC Finalizes Auction Rate Securities Settlements With Citigroup and UBS Providing Nearly $30 Billion in Liquidity to Investors
The SEC stated that: "[It] finalized settlements with Citigroup Global Markets, Inc. (Citi) and UBS Securities LLC and UBS Financial Services, Inc. (UBS), that 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."
2008-290_08-cv-10754 11-Dec-2008 Press Release--Civil Action
SEC Finalizes ARS Settlements With Citigroup And UBS, Providing Nearly $30 Billion in Liquidity to Investors
The SEC stated that: "[It] finalized settlements with Citigroup Global Markets, Inc. (Citi) and UBS Securities LLC and UBS Financial Services, Inc. (UBS) that 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."
court_doc3_08-cv-10754 22-Dec-2008 Court Docket Document
Judgment as to Defendants UBS Securities LLC and UBS Financial Services Inc.
On December 22, 2008, Federal District Judge Deborah A. Batts entered final judgment against UBS Securities LLC and UBS Financial Services Inc. pursuant to the consent of UBS Securities LLC and UBS Financial Services Inc.

Other Defendants in Action: