The U.S. Supreme Court on Monday declined to hear an appeal filed by three former executives of Swiss global investment bank UBS convicted of conspiring to deceive U.S. cities and towns by rigging bids to invest municipal bond proceeds.
Reuters reports that the court left in place a June 2015 ruling by the 2nd U.S. Court of Appeals that upheld the 2012 convictions of Gary Heinz, Peter Ghavami and Michael Welty. They had argued that prosecutors waited too long to bring wire fraud and conspiracy charges.
The case stems from a bid-rigging investigation involving the $3.7tril U.S. municipal bond market that resulted in 17 convictions and $743m in settlements with five banks, including $160m from UBS.
The defendants contended that prosecutors improperly relied on a 1989 law arising from the U.S. savings-and-loan crisis to extend the statute of limitations to 10 years from five.
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