2023-08-14 20:59:00
UBS lettering
Sufficient provisions were formed for the present case after spending by the major Swiss bank.
(Photo: Reuters)
Washington The major Swiss bank UBS and some of its US partners have agreed with the US on a billion-dollar fine in a legal dispute over mortgage-backed securities. The bank and the US Department of Justice announced on Monday that the civil case would be settled with the payment of $1.43 billion. UBS said it had set aside sufficient reserves for this for a long time.
According to the ministry, it is a legacy of the 2008 financial crisis. UBS was accused of misleading investors with misleading and false information in connection with the issuance of residential mortgage-backed securities in 2006 and 2007. The case that has now been settled was opened in 2018.
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