US Sues UBS For Fraud Over Crisis-Era RMBS
Law360, London (November 8, 2018, 12:27 PM GMT) -- The federal government sued UBS AG and several of its U.S. affiliates in New York federal court on Thursday, accusing the Swiss bank of defrauding investors through the sale of residential mortgage-backed securities in the run-up to the financial crisis.
The Swiss bank was hit with a U.S. Department of Justice civil complaint about mortgage-backed securities the lender sold between 2006 and 2007. (AP) The complaint alleges that UBS misled investors — “knowingly and repeatedly” making false and fraudulent statements — about the quality of billions of dollars in subprime and other mortgage loans backing the securities it offered between 2006 and 2007....
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