Equities

Reuters exclusively reports U.S. sues UBS, alleges crisis-era mortgage securities fraud

Reuters exclusively reports U.S. sues UBS, alleges crisis-era mortgage securities fraud

Reuters exclusively reported that UBS Group AG rejected a U.S. government proposal that it pay nearly $2 billion to settle allegations it defrauded investors in its sale of residential mortgage-backed securities leading up to the 2008-09 global financial crisis. Instead, the Justice Department filed a civil fraud lawsuit against Switzerland’s largest bank. UBSG.S shares fell 4.3 percent on Nov. 9 after the bank said it would contest the suit.


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