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WASHINGTON (AP) — Senate Democrats abandoned President Barack Obama Wednesday, siding with Republicans to overwhelmingly reject his veto and permit families of Sept. 11 victims to sue the government of Saudi Arabia for the kingdom's alleged backing of the attackers.
The Swiss private banking giant UBS has agreed to pay $15 million to settle US allegations of selling risky derivative investments to thousands of unsophisticated investors, US market regulators said Wednesday. The Securities and Exchange Commission said a US arm of the private wealth manager, UBS Financial Services Inc, had failed to train and educate its sales force adequately about the risks of complex financial products known as reverse convertible notes, which are derivatives whose values are generally based on the performance of an underlying stock. Some were retirees, according the SEC.