UBS hit with lawsuit

NEW YORK (CNNMoney.com) - New York State Attorney General Andrew Cuomo on Thursday brought a multibillion-dollar civil lawsuit against the Swiss banking giant UBS for allegedly duping everyday investors into buying auction-rate securities.

The lawsuit charges UBS with falsely marketing and selling auction-rate securities as safe, cash-equivalent investments at a time when the market for these securities was under severe strain.

In a written statement, UBS said it will "vigorously defend" itself against the complaint.