ATTORNEY GENERAL CUOMO ANNOUNCES THE RELEASE OF ASSURANCES OF DISCONTINUANCE IN AUCTION RATE SECURITIES SETTLEMENTS WITH CITIGROUP AND UBS

(NYOAG) NEW YORK, NY (December 11, 2008) - Attorney General Andrew M. Cuomo today announced Assurances of Discontinuance with UBS Financial Services, Inc. and UBS Securities LLC (“UBS”) and Citigroup Global Markets, Inc. (“Citigroup”) in the auction rate securities settlements reached earlier this year. The Assurances detail how liquidity will be provided to consumers who purchased auction-rate securities. These two Assurances of Discontinuance are the next step in the agreements reached in August with Citigroup and UBS.

Attorney General Cuomo earlier this year settled allegations that Citigroup and UBS made misrepresentations in their marketing and sale of auction rate securities. As a result of these settlements and those with other regulators, Citigroup will return over $7.3 billion and UBS will return over $22.7 billion to investors across New York State and the nation. More...

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