(Reuters) - NEW YORK, July 16 - UBS agreed
to pay $23.3 million to resolve accusations the Swiss bank and
brokerage steered thousands of inappropriate customers into
fee-based accounts, the New York Attorney General's office said
on Monday.
UBS, one of the largest brokerages in the United States,
plans to reimburse $21.3 million to about 3,000 customers and
pay a $2 million penalty to the state. The bank allegedly
encouraged customers to switch to fee-based accounts that ended
up being more expensive for less active investors than
traditional accounts.
Read more at Reuters.com Bonds News
to pay $23.3 million to resolve accusations the Swiss bank and
brokerage steered thousands of inappropriate customers into
fee-based accounts, the New York Attorney General's office said
on Monday.
UBS, one of the largest brokerages in the United States,
plans to reimburse $21.3 million to about 3,000 customers and
pay a $2 million penalty to the state. The bank allegedly
encouraged customers to switch to fee-based accounts that ended
up being more expensive for less active investors than
traditional accounts.
Read more at Reuters.com Bonds News
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