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UBS agrees to buy back municipal bondsUBS Financial Services Inc. has agreed to buy $6.8 million in bonds from Winchester, Mass., as part of a $37 million settlement, officials said. Winchester was the largest investor in UBS municipal debt securities that the firm touted as being almost as easy to withdraw from as a cash account, The Boston Globe reported Thursday. But, when the auctions for these securities collapsed in February, the municipalities found themselves holding bonds they could not use to pay their bills. Massachusetts Attorney General Martha Coakley said there has been UBS spokeswoman Karina Byrne said the company was In the settlement, UBS agreed to buy $6.1 million in bonds back from Barnstable, Mass., $4.4 million from the Massachusetts Turnpike Authority and $3.2 million from the city of Holyoke.
Publication date: 08 May 2008 Source: UPI-1-20080508-13522000-bc-us-investments.xml Archive ADsLatest news
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