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 ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com