UBS to Pay $230 Million to Settle Mortgage-Backed Securities Probe
UBS will pay $230 Million to settle mortgage-backed securities probe in New York. The settlement covers mortgage-backed securities issued between 2006 and 2007, with notional amount exceeding $10 billion. Investors had lost billions of dollars in the certificates, backed by the loan pools (mortgage-backed securities).
” UBS Pays $230 Million to Settle Mortgage-Backed Securities Probe ”
UBS had ignored advisory issued during the due diligence process, and had breached its underwriting guidelines. The bank had admitted in the settlement prospectus supplements did not fully explain the bank’s due diligence process. The $230 million settlement includes $189 million in consumer relief and $41 million in cash for the New York State.
- Royal Bank of Scotland – $500 million
- JPMorgan Chase & Co. – $1 billion
- Bank of America Corp. – $800 million
Headquartered in Zurich and Basel, the UBS Group is a global firm providing financial services to private, corporate and institutional clients. The UBS Group is present in all major financial centers and has offices in over 50 countries. The UBS Group employs approximately 60,000 people around the world. The UBS Group’s historical roots stretch back more than a century.
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