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UBS to return $35 million to Massachusetts towns

BOSTON
Wed May 7, 2008 1:00pm EDT

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BOSTON (Reuters) - Swiss bank UBS (UBSN.VX) will return more than $35 million to Massachusetts cities and towns after the money was put into prohibited investments, the state's attorney general said on Wednesday.

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Attorney General Martha Coakley's office had been probing allegations that UBS misled Massachusetts officials over whether state law allowed them to invest in auction rate securities.

(Reporting by Svea Herbst-Bayliss; editing by John Wallace)
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