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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-08-14T19:53:00
Swiss banking giant UBS and several of its U.S. affiliates agreed to pay $1.44 billion as part of a settlement with the Department of Justice (DOJ) regarding the underwriting and issuance of residential mortgage-backed securities (RMBS) in the lead up to the 2008 financial crisis.
The settlement, announced Monday, resolves the last case brought by the DOJ related to big banks and their issuance of RMBS in the years prior to 2008. The agency said it secured more than $36 billion in penalties regarding conduct that fueled the financial crisis.
The case against UBS was brought in November 2018, alleging the bank defrauded investors in the sale of 40 RMBS issued in 2006 and 2007.
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News and analysis for the well-informed compliance or audit exec.
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2024-07-11T19:04:00Z By Aaron Nicodemus
UBS Financial Services, a subsidiary of the Swiss banking giant UBS, has been fined $850,000 for failing to properly monitor transactions between its broker-dealers and third parties.
2023-11-17T18:52:00Z By Aaron Nicodemus
France’s top court struck down a fine of €1.8 billion (U.S. $2 billion) imposed on UBS in 2021 by a lower court, despite upholding a guilty verdict related to money laundering and tax fraud in the Swiss bank’s cross-border activities.
2023-07-27T20:03:00Z By Kyle Brasseur
The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency proposed rulemaking designed to increase capital requirements for large banks and large-scale traders.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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