Swiss bank UBS AG has agreed to pay $1.43 billion in penalties related to misconduct during the period of underwriting, issuance and sale of residential mortgage-backed securities (RMBS) before the 2008 financial crisis. This represents the latest settlement concerning alleged misconduct related to RMBS.
The settlement will involve the payments of civil penalties, which includes admits, accepts and acknowledge certain facts related to the allegations. UBS will also implement certain obligations to ensure compliance with federal securities laws. This settlement does not preclude any action from other parties or any future government criminal enforcement action related to the enforcement involving UBS.
Key points:
• Swiss bank UBS AG agreed to pay $1.43 billion in penalties related to misconduct during the period of underwriting, issuance and sale of residential mortgage-backed securities (RMBS)
• The settlement involves payments of civil penalties as well as obligations to ensure compliance with federal securities laws
• This settlement does not preclude any action from other parties or any future government criminal enforcement action related to the enforcement involving UBS
You can read this full article at: https://www.housingwire.com/articles/ubs-agrees-to-pay-1-4b-to-settle-rmbs-fraud-case/(subscription required)
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