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U.S. sues UBS, alleges fraud in mortgage securities
Source: Reuters
BUSINESS NEWS NOVEMBER 8, 2018 / 5:23 PM / UPDATED 29 MINUTES AGO
U.S. sues UBS, alleges fraud in mortgage securities
Karen Freifeld, Michael Shields
3 MIN READ
NEW YORK/ZURICH (Reuters) - The U.S. government on Thursday filed a civil fraud lawsuit accusing UBS Group AG (UBSG.S), Switzerland’s largest bank, of defrauding investors in its sale of residential mortgage-backed securities leading up to the 2008 global financial crisis.
UBS was accused of misleading investors about the quality of billions of dollars of subprime and other risky mortgage loans backing 40 securities offerings, the Department of Justice said.
The lawsuit was filed after UBS rejected the government’s proposal that it pay nearly $2 billion to settle, according to a person familiar with the talks who was not authorized to speak publicly about them.
UBS declined to comment on the lawsuit or the negotiations. It had said before the lawsuit was filed that it would contest the government’s claims.
-snip-
U.S. sues UBS, alleges fraud in mortgage securities
Karen Freifeld, Michael Shields
3 MIN READ
NEW YORK/ZURICH (Reuters) - The U.S. government on Thursday filed a civil fraud lawsuit accusing UBS Group AG (UBSG.S), Switzerland’s largest bank, of defrauding investors in its sale of residential mortgage-backed securities leading up to the 2008 global financial crisis.
UBS was accused of misleading investors about the quality of billions of dollars of subprime and other risky mortgage loans backing 40 securities offerings, the Department of Justice said.
The lawsuit was filed after UBS rejected the government’s proposal that it pay nearly $2 billion to settle, according to a person familiar with the talks who was not authorized to speak publicly about them.
UBS declined to comment on the lawsuit or the negotiations. It had said before the lawsuit was filed that it would contest the government’s claims.
-snip-
Read more: https://www.reuters.com/article/us-ubs-group-lawsuit/u-s-sues-ubs-alleges-fraud-in-mortgage-securities-idUSKCN1ND37E
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