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UBS reaches settlement with regulators on trading activity
UBS AG announced today that UBS Financial Services Inc. has reached a settlement agreement with the New York Stock Exchange, the State of New Jersey and the State of Connecticut with respect to certain short-term trading activity between 2000 and 2002 by clients of several UBS Financial Advisors. As part of the settlement agreement, UBS has agreed to pay $54 million, of which $18 million will be set aside for potentially affected investors and $16 million for investor education and securities-enforcement initiatives.
The costs of the settlement will be largely reflected as provisions in the firm's fourth-quarter results.
UBS neither admits nor denies any of the allegations made against the firm.
New York, 12 January 2006