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UBS says will defend itself in auction-rate suit

NEW YORK
Thu Jul 24, 2008 1:46pm EDT

NEW YORK (Reuters) - UBS said on Thursday it would "vigorously defend" itself against civil fraud charges brought by the New York state attorney general over allegedly deceptive sales of auction-rate securities to customers.

"It is frustrating that the New York Attorney General has filed this complaint while we have been fully engaged in good faith negotiations with his office to bring liquidity to our clients holding auction rate securities," the Swiss bank said in a statement.

It said the bank will "vigorously defend ourselves against this complaint."

(Reporting by Martha Graybow; editing by Jeffrey Benkoe)


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