Woodbury County to benefit from UBS bank settlement - KTIV News 4 Sioux City IA: News, Weather and Sports

Woodbury County to benefit from UBS bank settlement

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Woodbury County will soon get a small windfall.  County Supervisors voted to accept a settlement offer from UBS Bank for about $17,000.

The bank is accused of violating state and federal anti-trust laws, involving municipal bond derivatives across the country.

Woodbury County was one of the parties identified in the federal investigation into the case.

"We didn't know about this action, this is money the county treasurer's office takes to try to invest to earn interest on," Woodbury County Attorney Patrick Jennings said.

Jennings said the county could receive the money as early next month.

It's expected to go back into the county's general fund.

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