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UBS to pay $230M arising from conduct leading up to financial crisis

Jaclyn Jaeger | March 23, 2018

UBS has reached a $230 million settlement with the Department of Justice in connection with the packaging, marketing, sale, and issuance of residential mortgage-backed securities to investors leading up to the financial crisis. The settlement includes $189 million worth of consumer relief for New York homeowners and communities and $41 million in cash to New York State.

As part of this settlement agreement, UBS admits the findings contained in the statement of facts, agrees to pay $41 million in cash, and must provide significant community-level relief to New Yorkers, including monies that will contribute to more affordable housing construction. Additional resources will be dedicated to helping communities transform their code enforcement systems and invest in land banks. An independent auditor will report on UBS’s compliance with the consumer relief terms of the settlement to...

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