Illinois to get nearly $3M in UBS settlement

Illinois cities, agencies and nonprofits are due nearly $3 million as part of a settlement with Switzerland's biggest bank to resolve allegations of rigging the bidding process to win investment business.

Attorney General Lisa Madigan announced the settlement with UBS AG on Wednesday. Illinois is sharing in a $160 million settlement with other states.

The U.S. Justice Department says UBS admitted and accepted responsibility for illegal, anticompetitive conduct by former employees from 2001 through 2006.

Madigan says the bank used fraudulent practices in order to profit at the expense of hospitals, cities and state agencies.

The $160 million is being paid as restitution and penalties to federal and state agencies. Because UBS admitted to the conduct and cooperated, it isn't being prosecuted.