UBS to pay $300 million to resolve US mortgage securities cases

Zurich (Reuters) -ubs (UBS) said he would pay $ 300 million to solve extraordinary obligations by Credit Suisse in the United States on the abduction of mortgage -related investments.

On August 1, Credit Suisse Securities signed an agreement with the US Department of Justice to solve all consumer aid obligations within the scope of the 2017 agreement for the 2017 housing mortgage -supported securities (RMBS) business.

Pursuant to the 2017 agreement, Credit Suisse agreed to pay $ 5.7 billion on the allegation that he misleaded investors in the securities -supported securities he sold to the US officials in the 2008 financial crisis.

The decline in mortgage payments has reduced the value of assets, led to great losses for investors.

“With this agreement, UBS has solved another problem of Credit Suisse, who is in the direction of rapidly solving Legacy issues in a fair and balanced way, and for the benefit of all stakeholders,” UBS said. He said.

Credit Suisse agreed to pay 495 million dollars in 2022 to solve a case that the bank claimed that the Bank was “misleading investors and in connection with the proposal and sale of RMBs”.

(Reporting by John Revill, editing by Miranda Murray)