USB’S USD1.435 BILLION FINE SHOULD END US MORTGAGE SECURITY SAGA
August 26th, 2023
Swiss bank UBS and its US subsidiaries have paid USD1.435 billion to settle the last of the civil cases stemming from the sub-prime mortgage scandal that spawned the 2008 financial crisis.
The US Department of Justice (DoJ) said on 14 August that the penalties settled a civil action filed in November 2018 for misconduct related to the bank’s underwriting and issuance of residential mortgage-backed securities (RMBS) in 2006 and 2007.
The DoJ statement (1) said it was dismissing the complaint filed in exchange for these civil penalties – the final settlement ...
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