UBS is to pay $33m to resolve a US regulator's suit accusing the bank of selling toxic mortgage-backed securities to corporate credit unions that later failed. In February, the amount was $69.8m; however this new sum now includes pre-judgement interest. UBS has agreed to pay on April 22nd, with attorney's fees to be decided upon at a later date. This resolves one of several National Credit Union Administration lawsuits against banks over their sale of toxic debt to five credit unions.
UBS is to pay $69.8m to resolve a US regulator's suit accusing the bank of selling toxic mortgage-backed securities to corporate credit unions that later failed. In February, the amount was $33m; however this new sum now includes pre-judgement interest. UBS has agreed to pay on April 22nd, with attorney's fees to be decided upon at a later date. This resolves one of several National Credit Union Administration lawsuits against banks over their sale of toxic debt to five credit unions.