UBS Can't Ditch Feds' Crisis-Era RMBS Fraud Suit

By Jon Hill (December 10, 2019, 9:06 PM EST) -- A New York federal judge said Tuesday that UBS must face a U.S. Department of Justice lawsuit accusing the bank of fraud in its pre-crisis sales of residential mortgage-backed securities, ruling the government could and did succeed in alleging fraudulent intent at this stage without pinning it on any individual employees.

U.S. District Judge Margo K. Brodie denied a bid filed by UBS AG and several affiliates to dismiss the government's 2018 complaint, which alleges they misrepresented the characteristics and quality of mortgages they securitized between 2005 and 2007 in order to dupe investors into purchasing the resulting RMBS offerings....

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!