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UPDATE 3-U.S. sues UBS, alleges crisis-era mortgage securities fraud [Reuters (UK)]

UBS Group AG (UBS)  More Company Research Source: Reuters
PDF U.S. sues UBS, alleges crisis-era mortgage securities fraud | Reuters 4 Min Read NEW YORK (Reuters) - The U.S. government on Thursday filed a civil fraud lawsuit accusing UBS Group AG ( UBSG.S ), Switzerland’s largest bank, of defrauding investors in its sale of residential mortgage-backed securities leading up to the 2008-09 global financial crisis. UBS was accused of misleading investors about the quality of more than $41 billion of subprime and other risky mortgage loans backing 40 securities offerings in 2006 and 2007, the Department of Justice said in a complaint filed with the federal court in Brooklyn. The lawsuit came after UBS rejected a government proposal that it pay nearly $2 billion to settle, according to a person familiar with the talks who was not authorized to speak publicly about them. While UBS was not a big originator of U.S. residential home loans, U.S. Attorney Richard Donoghue in Brooklyn said investors suffered “catastrophic losses” from the bank’s failure to [Read more]

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