UBS reaches US$230 million settlement with New York over mortgage securities

UBS reaches US$230 million settlement with New York over mortgage securities

The logo of Swiss bank UBS is seen at a branch office in Basel, Switzerland March 29, 2017. Picture taken on March 29, 2017. REUTERS/Arnd Wiegmann
NEW YORK: UBS AG has reached a US$230 million settlement to resolve charges brought by New York state that it misled and hurt investors by selling risky mortgage securities that contributed to the 2008 global financial crisis.New York Attorney General Eric Schneiderman on Wednesday said the Swiss bank will pay US$41 million in cash to the state, and provide US$189 million of relief to homeowners and communities.UBS had no immediate comment. The bank is the seventh to settle similar claims by New York, resulting in roughly US$3.93 billion of settlements, the attorney general said.(Reporting by Jonathan Stempel in New York)
Source: Reuters
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