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UBS Settles & Repurchases $1.5B In Auction Rate Securities

NEWARK - The Office of the Attorney General through its Bureau of Securities has signed a final Consent Order that requires UBS to repurchase auction-rate securities (ARS) from New Jersey clients to settle allegations that the firm's securities dealers sold ARS without disclosing known risks of the ARS market.

Wells Fargo Announces Executive Changes

Wells Fargo & Company has announced that Timothy J. Sloan, the company's current Chief Administrative Officer and a Senior Executive Vice President, has been named its new Chief Financial Officer, effectively immediately.