UBS has announced an agreement reached with the US Justice Department over the sale of residential mortgage-backed securities during the 2008 crisis.
UBS has reached an agreement with the Department of Justice (DOJ) to pay $1.4 billion to «resolve all civil claims» related to the issuance, underwriting and sale of residential mortgage-backed securities (RMBS) in the US from 2006 to 2008, according to a statement. The settlement has been fully provisioned in previous periods.
This marks an end to UBS’s case of alleged mis-selling of RMBS during the 2008 global financial crisis. In total, the DOJ said it has collected over $36 billion in civil fines from from 19 banks, mortgage originators and rating agencies in other related cases.
