UBS to pay $1.4 billion over fraud in residential mortgage-backed securities

Swiss banking giant UBS has agreed to pay a combined sum of $1.4 billion in civil penalties in connection with allegations of fraud and misconduct stemming from its offering of residential mortgage-backed securities during the period of the global financial crisis.

This resolution was announced by federal prosecutors on Monday, CNBC reported.

In its own official statement on Monday, UBS characterized the settlement as addressing a “legacy matter” that spans from 2006 to 2007, a timeframe leading up to the eruption of the financial crisis.

READ MORE: https://www.cnbc.com/2023/08/14/ubs-to-pay-1point4-billion-for-fraud-in-mortgage-backed-securities.html

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