UBS: to fight RMBS lawsuit with US authorities
(CercleFinance.com) - One day after announcing that the US justice department accused UBS of wrongdoing in selling home-loan bonds, the Swiss bank said on Friday that it would fight the complaint.
As expected, the United States Department of Justice today filed a civil complaint in the US District Court of New York related to UBS' sale of residential mortgage-backed securities (RMBS) before the financial crisis.
In a press release this morning, UBS said the DoJ's claims are "not supported" by the facts or the law, and that it plans to contest the complaint "vigorously."
UBS notes that it was not a significant originator of US residential mortgages and that it suffered massive losses on US mortgage-related assets itself.
UBS shares are currently down 3.9 percent in Zurich.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
As expected, the United States Department of Justice today filed a civil complaint in the US District Court of New York related to UBS' sale of residential mortgage-backed securities (RMBS) before the financial crisis.
In a press release this morning, UBS said the DoJ's claims are "not supported" by the facts or the law, and that it plans to contest the complaint "vigorously."
UBS notes that it was not a significant originator of US residential mortgages and that it suffered massive losses on US mortgage-related assets itself.
UBS shares are currently down 3.9 percent in Zurich.
Copyright (c) 2018 CercleFinance.com. All rights reserved.