Home Banking & Finance UBS pays state agencies $541,000

UBS pays state agencies $541,000

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As a part of a 2011 multistate settlement, UBS AG will pay Connecticut entities $541,000 in restitution payments for alleged anti-competitive and fraudulent conduct.

Attorney General George Jepsen helped lead the investigation that found the Stamford-based Swiss bank had been engaged in deceptive schemes to rig bids on municipal bond derivatives.

The payments are a part of the $90.8 million settlement among UBS and 24 states, in addition to the District of Columbia.

“Connecticut government and not-for-profit entities are receiving rightful compensation for their losses arising from the wrongful conduct,” Jepsen said in a press release. “A large amount of the funds entrusted to UBS AG was taxpayer money, which UBS steered into rigged or tainted municipal derivatives contracts.”

Those receiving payments include the state government, the cities of Stamford, Bridgeport and Norwalk, as well as the Connecticut Housing Finance Authority, Hospital of Saint Raphael and others.

 

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