UBS Pays $445 Million to Settle Mortgage Securities Probe
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Closes U.S. lawsuit accusing bank of selling faulty securities
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NCUA says sales spurred collapse of corporate credit unions
UBS Group AG has paid $445 million to settle National Credit Union Administration claims that the bank contributed to the collapse of corporate credit unions by selling them faulty mortgage-backed securities, the regulator said in a statement on Monday.
NCUA said the settlement — which Zurich-based UBS agreed to without admitting or denying wrongdoing — closes a lawsuit filed in 2012 and is the latest in a series of deals struck with banks accused of improper sales to five corporate credit unions that failed. The agency had already recovered $79.3 million from UBS last year in a related claim.
“With today’s settlement, another legacy matter has been resolved,” said Peter Stack, a UBS spokesman…
UBS Pays $445 Million to Settle Mortgage Securities Probe
