New York Files Multibillion-Dollar Lawsuit Against UBS

Bank executives are accused of jumping ship when the securities market collapsed, leaving customers holding the bag

Seven senior executives at UBS cashed in $21m (£10.6m) of their personal holdings in auction-rate securities just before the market for these securities collapsed, leaving thousands of the Swiss financial giant's clients holding securities they could not sell.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.