Get all your news in one place.
100's of premium titles.
One app.
Start reading
The Guardian - US
The Guardian - US
Business
Guardian staff and agencies

UBS to pay $1.43bn in penalties over mortgage fraud prior to 2008 crisis

UBS Justice Department
The DoJ complaint alleged that UBS knowingly made false and misleading statements to buyers of those securities.
The DoJ complaint alleged that UBS knowingly made false and misleading statements to buyers of those mortgage-backed securities. Photograph: Saul Loeb/AFP/Getty Images

Banking group UBS has agreed to pay $1.43bn in penalties to settle a civil action alleging fraud in the sale of residential mortgage-backed securities ahead of the 2008-09 financial crisis, the company and the US justice department said on Monday.

The civil action was filed in November 2018 alleging misconduct related to UBS’s underwriting and issuance of residential mortgage-backed securities (RMBS) issued in 2006 and 2007, according to the justice department.

Sign up to read this article
Read news from 100's of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Sacha Baron Cohen reveals Marvel’s ‘devil’ dilemma over his Jewish heritage as he admits feeling finally understood
The Borat and Ali G comedian has opened up about the unusual sensitivity shown by the creative team behind Disney+ series Ironheart, revealing how historical antisemitic stereotypes influenced discussions about his casting as Marvel villain Mephisto.
BANG Premier
BANG Premier
Noah Wyle Gets Absolutely Eviscerated After Becoming Clear Favorite To Win Famous Title: “Used To Mean Something”
Noah Wyle is reportedly leading the race for People magazine’s 2026 Sexiest Man Alive title, but the buzz has sparked plenty of criticism online.
Bored Panda
Bored Panda
Cara Delevingne reveals bizarre lesbian sex party disaster
The supermodel and actress has opened up about an unforgettable romantic encounter while discussing her sobriety, relationship with musician Minke and her changing attitude towards love as she embarks on a new chapter in her career.
BANG Premier
BANG Premier
Your License Plate Is Public — But Should Your Driving History Be?
A stranger can photograph your license plate at a red light without asking permission. That doesn’t mean the stranger should get your driving history, home address, or a convenient timeline of your movements. In the United States, those are different kinds of information, governed by different rules. Yet modern technology…
Clever Dude
Clever Dude
Would You Pay More for the Same Meal Just Because It Looks Better?
Imagine ordering grilled chicken with rice and vegetables at two different restaurants. One serves everything in a simple pile, while the other arranges the chicken neatly, places the vegetables in colorful sections, and finishes the plate with a carefully drizzled sauce. The ingredients and portion sizes are identical, yet the…
Grocery Coupon Guide
Grocery Coupon Guide
Nostalgic bumper stickers show how Americans voiced their views before social media
They were also a rare benefit to being stuck in traffic, either as entertainment or another way to annoy the driver behind you
The Independent UK
The Independent UK
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.
Download on the AppStore Get it on Google Play