UBS told to pay $81m damages

UBS Financial Services has been ordered to pay $81m (£50.1m) damages to an investor, Kajeet, for losses related to auction rate securities. The Financial?Industry Regulatory Authority said UBS was responsible for damages incurred by Kajeet, a children’s mobile phone maker, which was unable to access funds frozen in the auction rate securities market in February 2008. UBS strongly denies culpability.