August 15, 2023, Bloomberg News story included the following:
UBS Group AG agreed to pay $1.44 billion to settle a long-running case over US mortgage-backed securities, resolving one of the bank’s largest outstanding legal issues as it works toward integrating Credit Suisse.
The settlement had been fully provisioned in prior periods, the Swiss bank said in a statement Monday. The case stems from a lawsuit filed by the US Department of Justice against UBS in relation to legacy residential mortgage-backed securities from 2006 and 2007 and related to the issuance, underwriting and sale of the securities, the bank said.
The agreement closes UBS’s biggest US legal headache, though remaining litigation over Libor, swap and stock-lending platforms and Bernard Madoff’s fraud could cost about $400 million to settle................
We did DIG deeply into our Sonterra LIBOR case and there are a myriad of related legal issues........which could prolong the actual Sonterra case and trial for years.........simply legal gamesmanship and both sides have strong positions.................we'll see....................
