12/13/2006

New York Attorney General Eliot Spitzer is suing UBS, alleging the company's retail brokerage unit had defrauded thousands of consumers by pushing them into so-called InsightOne accounts. Those accounts, which charge an annual fee based on assets, were inappropriate for clients who traded infrequently, Spitzer alleges. A statement on UBS' Web site said the company "categorically denies that the program was designed to disadvantage clients, and intends to defend itself vigorously in this matter."

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