UBS to pay $1.4B over financial crisis-era fraud
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.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefFINRA fines UBS unit $850K for failing to properly monitor customer transactions
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.
-
News BriefFrench high court orders new trial into $2B fine against UBS
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.
-
News BriefBanking regs seek enhanced resilience with large bank capital reforms
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.
More from Regulatory Enforcement
-
ArticleSFO head to step down as speculation grows over future of agency
Nick Ephgrave, director of the U.K.’s main anti-corruption enforcement agency, the Serious Fraud Office, will retire at the end of March—about halfway through his appointed five-year term. Experts say he leaves the agency in a lot better position than he joined it in September 2023.
-
News BriefFTC puts GM’s puts connected vehicle data practices under compliance spotlight
The U.S. Federal Trade Commission finalized its order against General Motors and its OnStar subsidiary over the improper usage of geolocation and driving behavior data of drivers.
-
ArticleKaiser plans pay $556M to settle Medicare upcoding allegations
Kaiser Health affiliates have agreed to pay more than $556 million to settle allegations originally made by whistleblowers that they ignored compliance department warnings and unlawfully reworked diagnoses for Medicare patients in order to receive higher payments from the federal government.