UBS to pay US $1.43 bln for alleged fraud over residential mortgage-backed securities
agreed to pay $1.435 billion to settle U.S. charges that the Swiss lender misled investors into buying troubled mortgage securities, concluding an industrywide probe into a root cause of the 2008 global financial crisis.
Many of these securities carried triple-A ratings despite being backed by subprime and other risky mortgages, and investors suffered enormous losses as borrowers went into default and underwriting flaws became apparent., which had bought mortgage specialist Countrywide Financial six years earlier. The bank had rejected a proposal that it pay nearly $2 billion to settle, a person familiar with the matter said at the time.In a press release, UBS said it previously set aside reserves to cover the $1.43 billion payout. Monday's settlement should result in the lawsuit's dismissal.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Credit Suisse retail investors plan lawsuit challenging UBS buyout- FTRetail investors who lost money when Credit Suisse was taken over by UBS in March plan to file a lawsuit challenging the buyout, the Financial Times reported on Sunday.
Leer más »
UBS to pay $1.4 billion for fraud in mortgage-backed securities
Leer más »
Lawsuit targets Wisconsin legislative districts resembling Swiss cheeseA common practice in drawing state legislative districts has come under question in Wisconsin, where a lawsuit is seeking to reshape voting districts before the 2024 elections.
Leer más »
Lawsuit targets Wisconsin legislative districts resembling Swiss cheeseIf Wisconsin state Rep. Jimmy Anderson wants to visit residents in some of the northern neighborhoods he represents, he first must leave his own district - twice.
Leer más »
USD/CHF remains range-bound around 0.8770 ahead of Swiss data, US Retail SalesThe USD/CHF pair remains range-bound around 0.8770 during the early Asian session on Monday. Meanwhile, the US Dollar Index (DXY), a measure of the va
Leer más »
Lawsuit Targets Wisconsin's Swiss Cheese-Like DistrictsA common practice in drawing state legislative districts has come under question in Wisconsin.
Leer más »