The UBS Group agreed to pay $ 300 million in order to address mortgage securities with the US Department of Justice, which continues to close the legal disputes that inherited the Credit Suisse Bank in 2023. years.
The Bank based in Zurich stated in a statement on Monday that this decision would solve all behind the agreement from the agreement that Credit Suisse was originally scored in 2017. years.
In May, UBS agreed to pay $ 511 to solve a separate investigation into the United States in connection with how Credit Suisse Group helped the rich Americans to avoid paying taxes.
The latest statement represents another closed case, while the total costs of resolving other inherited disputes, including the consequences of the 2021 Capital Management Fund, estimated at about $ 500 million, according to the Banker’s Banker’s analysis.
Multiple banks faced lawsuits due to the sale of mortgage securities that have suddenly lost their value during the 2008 financial crisis. Years. Banks were accused of falsely presenting the quality of housing loans that made the basis of these securities, to attract customers, which further worsened the consequences of the market collapse of the so-called Sub-Prime Mortgage.
UBS is 2023. agreed to pay $ 1.44 billion to solve their long-standing case regarding American mortgage paper, which was then one of the biggest legal challenges for this bank.
UBS stated that this latest settlement expects the results in the third quarter, because it plans to recognize income within its unique activity unit thanks to the release of reserved funds for potential obligations.
