Law360, Los Angeles (February 25, 2016, 10:08 PM EST) -- A UBS AG unit will pay more than $33 million to settle claims by the National Credit Union Association that it lied on offering documents for residential mortgage-backed securities, according to an offer of judgment filed Thursday in New York federal court.UBS Securities LLC will shell out the sum to close out the long-running suit, filed by the NCUA in its capacity as liquidating agent for Southwest Corporate Federal Credit Union and Members United Corporate Federal Credit Union, without the Swiss bank admitting any liability for the allegedly shoddy mortgages underlying the securities, according to the filing.“For the avoidance... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
A United Corporate Federal Credit Union unit is to pay over $33m to settle allegations by the National Credit Union Association (NCUA) that the bank lied on offering documents for residential mortgage-backed securities, thereby marking a close to a long-running suit, filed by the NCUA in its role as liquidating agent for Southwest Corporate Federal Credit Union and Members UBS; United Corporate Federal Credit Union does not admit liability for the allegations.