INDIANAPOLIS (AP) — UBS Financial Services agreed to pay Indiana regulators $677,000 on Thursday to settle a claim that it sold "unsuitable investments" to a now defunct teachers union health care trust.
The claim stems from the $16.2 million that the Indiana State Teachers Association Insurance Trust invested in 13 private equity funds from 2004 to 2009. A consent settlement signed by UBS and the Indiana Securities Division shows that the company agreed to pay a $450,000 fine and $227,000 in costs.
Details of the settlement, including the investments involved, weren't released. It follows a separate settlement between the Indiana State Teachers Association and UBS in which the company agreed to buy some of the funds from the union, according to the consent agreement.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
