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Federal prosecutors have announced that UBS will pay $1.4 billion in penalties to settle civil allegations of fraud in the sale of residential mortgage-backed securities leading up to the 2008 global financial crisis. So reports CNBC.
The Swiss bank separately announced the settlement involved a “legacy matter” from 2006 to 2007.
The Justice Department said it has recovered $36 billions in settlements from financial institutions over misconduct in the offering of mortgage-backed securities, with UBS’s settlement marking the end of its final case.
Read the full article from CNBC.
