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Here are Monday’s top stories:
UBS A.G. (NYSE:UBS) is among several companies facing a probe for alleged roles in the Libor scandal. In a past faux pas, UBS had to pay $22.7 billion to reimburse clients that it was said to have defrauded when they bought auction-rate securities. James Stewart at the New York Times says that “UBS is in a league of its own given its track record for scandals. The bank’s recidivism seems rivaled only by its ability to escape prosecution.”
J. C. Penney Company, Inc. (NYSE:JCP) has realized $248 million in proceeds from a divestiture of a portion of its investment in Simon Property Group, Inc. (NYSE:SPG). Penney’s Chief Financial Officer Ken Hannah commented that “Today’s announcement represents the first step toward executing last year’s plan to monetize noncore assets.”
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