UBS AG will pay $19.5 million (13 million pounds) to settle civil charges alleging the bank made false statements to U.S. retail investors in its offering documents for complex structured notes tied to a proprietary foreign currency index, U.S. regulators said on Tuesday.
The case by the Securities and Exchange Commission marks the first ever to focus on misstatements into structured notes, a complex product that consists of debt securities and derivatives pegged to the performance of other instruments or indices.
Source: Yahoo Finance
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