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....
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