UBS paying $667K to Indiana over investment problems
INDIANAPOLIS - UBS Financial Services has agreed to pay Indiana regulators $677,000 to settle a claim over investments by a teachers union health care trust.
UBS agreed Thursday to pay a $450,000 fine and $227,000 in costs to the Indiana Securities Division to settle the claim stemming from $16.2 million that the Indiana State Teachers Association Insurance Trust invested in 13 private equity funds from 2004 to 2009.
UBS didn't admit or deny the claim. Spokeswoman Karina Byrne said the company cooperated fully with the investigation.
The Securities Division is suing ISTA and the National Education Association over $23 million the division says is owed to 21 Indiana school districts by the trust. The NEA took over ISTA in May 2009.
An ISTA spokesman said it had no comment on the settlement.
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