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Zurich (APA / Reuters) – The Swiss bank UBS expects a quick complaint from the US Department of Justice regarding controversial activities in the context of the financial crisis of about ten years ago. The institute said that he had been informed by the ministry of appropriate plans. The lawsuit could still be filed Thursday.
This involves the sale of mortgage-backed securities in 2006 and 2007. The bank badumes that the demand for a fine is paid to them. However, she will resolutely challenge the lawsuit because the allegations are not substantiated by the facts or the law. A departmental notice was not available at the outset.
The US authorities believe that it has been proven that many banks in the US real estate market have played a trick and have thus contributed significantly to the global financial crisis. During the process, high-risk mortgages were merged into complex stocks, which virtually lost value when the market collapsed in 2008 and 2009. The US Department of Justice has already made many comparisons with other major banks in this regard and also imposed fines of $ 1 billion. These include Deutsche Bank, Credit Suisse, rivals UBS, Citigroup, JPMorgan, Morgan Stanley, Goldman Sachs and Bank of America, and UK banks Barclays, Royal Bank of Scotland and HSBC.
~ ISIN CH0247704312 WEB http://www.ubs.com ~ APA016 2018-11-08 / 04: 02
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