UBS expected to pay $70m to resolve mortgagebacked securities lawsuit


UBS is now expected to pay $69.8m to resolve a U.S. regulator's lawsuit alleging it sold toxic mortgage-backed securities to corporate credit unions that later failed, according to a Friday court filing.

Reuters reports that the accord was valued at $33m when it was disclosed in February, but the new sum includes pre-judgment interest, according to a letter filed in Manhattan federal court by lawyers for the National Credit Union Administration.

UBS agreed to make the payment on April 22, the lawyers said. Attorneys' fees would be determined later.

The accord resolves one of several NCUA lawsuits against banks over their sale of toxic debt to five credit unions.

Earlier this week, the NCUA said it would receive $50.3m, including interest, in a similar settlement with Credit Suisse whose value had previously been estimated at $29m.

To access the complete Reuters article hit the link below:

UBS to now pay $69.8 mln in U.S. credit union settlement

Spain's Caixabank to launch takeover offer for BPI - source

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News