UBS expects to be sued by U.S. Justice Dept. over crisis-era mortgage securities [Toronto Globe and Mail (Ontario, Canada)]
Citigroup, Inc. (C)
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Source: Toronto Globe and Mail
UBS Group AG, Switzerland’s largest bank, said it expects to be sued by the U.S. Department of Justice as early as Thursday on civil charges related to the sale of mortgage-backed securities in the run-up to the 2008-09 financial crisis, according to a company statement. The bank said the claims were not supported by the facts or the law and it would contest any such complaint “vigorously.” The U.S. Department of Justice did not immediately respond to a request for comment. Story continues below advertisement UBS said it had been advised by the Justice Department that the law enforcement agency intends to file the civil complaint. It anticipates the Justice Department will seek unspecified monetary penalties regarding the mortgage securities, which date back to 2006 and 2007. The lawsuit would be among the last actions over misconduct in the sale and pooling of mortgage securities which helped to cause the financial crisis. The Dep
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