Articles Tagged with Investment Loss Recovery Law Firm

UBS To Pay Over $1.4B For Selling Mortgage-Backed Securities

Broker-Dealer Held Accountable For Allegedly Negligent Sales Practices

The US Department of Justice announced that UBS AG consented to pay $1.435B in penalties to settle claims accusing the financial firm of making misrepresentations when it sold residential mortgage-backed securities (RMBS) in 2006 and 2007. This was the last case that a Department of Justice Working Group filed against entities that created and issued RMBS ahead of the 2008 economic crisis. The federal government contends that UBS committed fraud when selling 40 RMBS, including making purportedly misleading statements about the mortgage loans underlying the securities to buyers.