May 01, 2017
UBS Securities LLC has agreed to pay $445 million to the National Credit Union Administration for claims stemming from losses tied to purchases of toxic residential mortgage-backed securities, capping a five-year-old lawsuit in Kansas federal court that the government agency brought on behalf of two credit unions.
January 31, 2017
A Kansas federal judge on Tuesday ruled that UBS Securities LLC and Credit Suisse Securities USA LLC cannot duck responsibility for toxic mortgage-backed securities by claiming the lead underwriters and purchasers should have known better, but can argue their own due diligence was sound.
January 20, 2017
A Kansas federal judge has refused a bid by UBS Securities LLC and Credit Suisse Securities USA LLC to ditch claims in suits alleging the banks knowingly sold toxic mortgage-backed securities, saying that the pair could be liable for misstatements in post-sale prospectus supplements.
May 28, 2015
A Kansas federal judge agreed Wednesday to take another look at previously dismissed claims against UBS Securities LLC and Credit Suisse Securities USA LLC in a suit alleging that the banks knowingly sold toxic mortgage-backed securities.
April 14, 2015
Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. Inc. and UBS Securities LLC told a Kansas federal judge Monday that the National Credit Union Administration couldn't use a Tenth Circuit decision to revive multimillion-dollar suits over soured residential mortgage-backed securities previously found to be time-barred.
April 23, 2014
A Kansas federal judge on Tuesday tossed the National Credit Union Administration board's state-law claims alleging UBS Securities LLC misrepresented the risk of about $2 billion in residential mortgage-backed securities it sold to two now-defunct credit unions, finding the claims were time-barred.
September 04, 2013
A Kansas federal judge on Tuesday trimmed a pair of lawsuits accusing JP Morgan Securities LLC, UBS Securities LLC and others of misrepresenting the risk of about $2 billion in residential mortgage-backed securities it sold to two now-defunct credit unions, saying many of the claims were time-barred by the so-called extender statute.
September 07, 2012
The National Credit Union Administration Board on Thursday hit a UBS AG unit with claims that the banking giant misrepresented the risk of more than $1.1 billion in residential mortgage-backed securities it sold to two now-defunct credit unions.