INDIANAPOLIS (AP) — UBS Financial Services agreed to pay Indiana regulators $677,000 on Thursday to settle a claim that it sold “unsuitable investments” to a now defunct teachers union health care trust.

The claim stems from the $16.2 million that the Indiana State Teachers Association Insurance Trust invested in 13 private equity funds from 2004 to 2009. A consent settlement signed by UBS and the Indiana Securities Division shows that the company agreed to pay a $450,000 fine and $227,000 in costs.

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