Swiss bank UBS has agreed to pay more than $1.4 billion in a settlement with the U.S. Department of Justice over alleged misconduct leading up to the 2008 financial crisis.
Advisor Group Chief Market Strategist Phil Blancato, Market Rebellion co-founder Jon Najarian and SW Retail Advisors founder Stacey Widlitz discuss whether the market is showing signs of a severe recession on"The Claman Countdown."to pay a $1.435 billion settlement to resolve civil claims over its alleged misconduct dealing in residential mortgage-backed securities in the years leading up to the 2008 financial crisis.
The DOJ announced the settlement Monday in a press release, saying it stemmed from a civil action the agency filed against UBS in November 2018, a decade following the worst economic downturn since the Great Depression. Swiss bank UBS has agreed to pay more than $1.4 billion to settle a DOJ civil claim over its sales of mortgage-backed securities in 2006 and 2007.
UBS confirmed the payout in a statement, adding that "the settlement has been fully provisioned in prior periods.""With this resolution, UBS will pay for its conduct related to its underwriting and issuance of residential mortgage-backed securities," U.S. Attorney Breon Peace for the Eastern District of New York said in a statement.
U.S. Attorney for the Eastern District of New York Breon Peace speaks during a news conference at the Justice Department in Washington, D.C., on Jan. 18, 2023.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UBS Will Pay Over $1.4 Billion For Alleged Mortgage-Backed Security Fraud Leading Up To 2008 RecessionThe Justice Department just closed its final investigation into the 2008 financial crisis.
Read more »
UBS Will Pay Over $1.4 Billion For Alleged Mortgage-Backed Security Fraud Leading Up To 2008 RecessionThe Justice Department just closed its final investigation into the 2008 financial crisis.
Read more »
Fort Worth’s Jubilee Theatre closes its season with musical version of ‘The Color Purple’The show was a hit on Broadway from 2005 to 2008, earning 11 Tony Award nominations.
Read more »
UBS pays $1.43 bln to settle US mortgage claims as industry-wide probe concludesUBS agreed to pay $1.435 billion to settle U.S. charges that the Swiss lender misled investors into buying troubled mortgage securities, concluding an industrywide probe into a root cause of the 2008 global financial crisis.
Read more »
Credit Suisse retail investors plan lawsuit challenging UBS buyout- FTRetail investors who lost money when Credit Suisse was taken over by UBS in March plan to file a lawsuit challenging the buyout, the Financial Times reported on Sunday.
Read more »