United States Sues UBS to Recover Civil Penalties for Fraud in the Sale of RMBS Securities
November 8, 2018
Today the United States filed a civil complaint against UBS AG and several of its United States affiliates (together, “UBS”) in federal court for the Eastern District of New York.
The complaint alleges UBS defrauded investors contributing to the 2008 financial crisis, “which resulted in lasting economic harm to the nation and unnecessary suffering for Americans”.
The complaint alleges investors “suffered catastrophic losses”. Further, the complaint alleges “These practices resulted in massive losses to investors, harmed homeowners, and ultimately jeopardized the banking system.”
The complaint alleges that UBS’ fraudulent actions were based on “mail fraud, wire fraud, bank fraud, and other misconduct.” Continue reading “United States Sues UBS to Recover Civil Penalties for Fraud in the Sale of RMBS Securities”