UBS: US to file civil complaint in RMBS case
(CercleFinance.com) - UBS said that it expects the US government to file a civil lawsuit, accusing the bank of wrongdoing in the sale of residential mortgage-backed securities (RMDB) before the financial crisis.
UBS has been advised that the Department of Justice intends to file a civil complaint related to UBS' issue, underwriting and sale of RMBS, dating back to 2006 and 2007.
The Swiss bank said the DoJ will seek unspecified monetary civil penalties.
However, the DOJ's claims are not supported by facts, and UBS has fulfilled its disclosure obligations to RMBS investors, the group said.
UBS said that it was not a significant originator of US residential mortgages and that it also suffered massive losses on its investments in US mortgage-related assets, when the US housing market collapsed.
UBS shares are currently up 1.1% in Zurich after this announcement.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
UBS has been advised that the Department of Justice intends to file a civil complaint related to UBS' issue, underwriting and sale of RMBS, dating back to 2006 and 2007.
The Swiss bank said the DoJ will seek unspecified monetary civil penalties.
However, the DOJ's claims are not supported by facts, and UBS has fulfilled its disclosure obligations to RMBS investors, the group said.
UBS said that it was not a significant originator of US residential mortgages and that it also suffered massive losses on its investments in US mortgage-related assets, when the US housing market collapsed.
UBS shares are currently up 1.1% in Zurich after this announcement.
Copyright (c) 2018 CercleFinance.com. All rights reserved.