A federal judge on Tuesday rejected UBS Group AG's bid to dismiss a U.S. go...
) bid to dismiss a U.S. government lawsuit accusing Switzerland’s largest bank of causing “catastrophic” investor losses in residential mortgage-backed securities sold before the 2008 financial crisis.
U.S. District Judge Margo Brodie in Brooklyn, New York, said the Department of Justice sufficiently alleged that from 2005 to 2007, UBS intended to defraud or acted recklessly toward investors who bought securities backed by more than $41 billion of subprime and other risky loans in 40 offerings. The Justice Department said UBS securitized the loans despite internal communications acknowledging that the lenders’ underwriting standards had been “severely deteriorating.”The government did not specify damages in its November 2018 lawsuit, but said investors “lost many billions of dollars, with substantially more in losses projected during the remaining life of the deals.”
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