Tuesday, August 15, 2023 12:00:24 PM
August 15, 2023 - Brandon Ivey - bivey@imfpubs.com
UBS reached a $1.44 billion settlement with the Department of Justice Monday regarding issues with non-agency mortgage-backed securities issued in 2006 and 2007.
The DOJ alleged that UBS misled investors in 40 non-agency MBS, violating the Financial Institutions Reform, Recovery and Enforcement Act.
“The substantial civil penalty in this case serves as a warning to other players in the financial markets who seek to unlawfully profit through fraud that we will hold them accountable no matter how long it takes,” said Breon Peace, U.S. attorney for the Eastern District of New York.
The settlement is the last tied to the RMBS Working Group formed in 2012 by federal and state entities. The group collected more than $36 billion in penalties related to conduct in the leadup to the financial crisis of 2008.
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