Swiss bank UBS AG announced Monday it has agreed to pay $1.43 billion in penalties to settle a civil action alleging misconduct related to the underwriting, issuance and sale of residential mortgage-backed securities (RMBS) before the 2008 financial crisis.
The settlement with the U.S. Department of Justice (DOJ), which refers to a civil action filed in November 2018, does not bring the determination of liabilities, the DOJ said.
“The settlement has been fully provisioned in prior periods,” UBS said in a statement.
According to the DOJ, the United States filed a complaint alleging that UBS “defrauded investors” by making details ⇒
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