A.G. SCHNEIDERMAN ANNOUNCES $90.8 MILLION SETTLEMENT WITH UBS FOR DEFRAUDING GOVERNMENTS AND NONPROFITS ACROSS THE COUNTRY
NEW YORK – Attorney General Eric T. Schneiderman today announced a multimillion dollar settlement with UBS for fraudulent and anticompetitive conduct in its municipal bond derivative transactions with governments and nonprofits across the country. UBS will pay $90.8 million as part of a coordinated federal and state enforcement agency settlement. Of that amount, $63.3 million will go to a multistate restitution fund for governments and nonprofits that entered into municipal derivatives contracts with UBS, or used UBS as a broker on such deals, between 2001 and 2004. “Schemes that defraud our governments and nonprofits cheat the people those entities serve,” Attorney General Schneiderman said. “We will not tolerate this type of misconduct at any level, especially as we work to restore public faith in our economic institutions. I will continue to work with our partners in federal and state law enforcement, and use the full force of my office, to hold those at fault responsible and ens...