UBS Group AG sold tens of billions of dollars worth of residential mortgage-backed securities by “knowingly and repeatedly” making false and fraudulent statements to investors about the loans backing those trusts, the U.S. Justice Department said in a civil suit filed Nov. 8.
The suit relates to 40 of those RMBS securities which UBS “sponsored, issued, underwrote, managed or offered,” according to federal prosecutors in Brooklyn, New York.
Key Insights
UBS got ahead of the suit Nov. 7, releasing a statement that it expected to be sued and will fight the case. “The DOJ’s claims are not supported by the ...
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