- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
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2024-07-11T19:04:00Z By Aaron Nicodemus
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.
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