Wednesday 21 November 2018
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todayonline - 12 days ago

U.S. sues UBS, alleges fraud in mortgage securities

The U.S. government on Thursday filed a civil fraud lawsuit against UBS AG lt;UBSG.S gt;, accusing the Swiss bank of defrauding investors in connection with its sale of residential mortgage-backed securities in 2006 and 2007. In a statement, the U.S. Department of Justice said UBS actions contributed to the 2008 global financial crisis. The lawsuit was filed with the U.S. District Court for the Eastern District of New York, the Justice Department said. REUTERS

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