UBS To Pay SEC $60M Over CDO Fraud

Law360, New York (July 31, 2013, 2:20 PM EDT) -- UBS AG has reportedly agreed to pay the U.S. Securities and Exchange Commission $60 million to settle claims that it peddled toxic mortgage-backed securities through a collateralized debt obligation that tanked in the 2008 financial crisis, a settlement that would rank low among the regulator's deals with other major banks over similar allegations.

The settlement could be announced as early as Wednesday as the SEC awaits a verdict in the trial of former Goldman Sachs Group Inc. trader Fabrice Tourre, who is accused of fraud for...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.