UBS Settles $1.4 Billion Financial Crisis Fraud Case
TL;DR
UBS has agreed to pay a $1.435 billion settlement to the U.S. Department of Justice (DOJ) to resolve civil claims related to its alleged misconduct in dealing with residential mortgage-backed securities (RMBS) prior to the 2008 financial crisis. The settlement, announced by the DOJ, concludes a civil action filed against UBS in 2018. The bank confirmed the payout, stating that it had already provisioned for the settlement. This settlement brings the total amount of civil penalties paid by financial entities over the 2008 crisis to over $36 billion.
- UBS agrees to $1.4 billion settlement with DOJ over 2008 financial crisis claims Fox Business
- UBS to pay $1.4 billion over fraud in residential mortgage-backed securities CNBC
- UBS to pay $1.4 billion for selling toxic mortgages prior to the Great Recession CNN
- UBS to Pay $1.4 Billion to Settle Financial-Crisis Fraud Case The New York Times
- UBS to pay $1.44 billion in mortgage-backed securities settlement Yahoo Finance
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