UBS Ends Long-Running DOJ Mortgage Bond Feud With $1.44-Billion Settlement: Stock Rises To June 2008 Highs
Portfolio Pulse from Piero Cingari
UBS Group AG has agreed to pay $1.44 billion to the Department of Justice (DOJ) to settle allegations related to its residential mortgage-backed securities dealings from 2006 and 2007. The settlement concludes all civil claims the DOJ had against UBS's past RMBS operations in the US. Following the announcement, UBS's shares listed in New York rose 0.7%, reaching their highest level since June 2008.
August 14, 2023 | 6:09 pm
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UBS's settlement with the DOJ concludes all civil claims related to its past RMBS operations in the US. The news led to a 0.7% rise in UBS's NYSE-listed shares.
The settlement removes a significant legal risk for UBS, which is likely to be viewed positively by investors. This is reflected in the 0.7% rise in UBS's NYSE-listed shares following the announcement.
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