The Swiss bank UBS will pay a fine of 1,315 million in the US for fraud between 2006 and 2007

The Swiss bank UBS agreed this morning to pay 1,435 million dollars (1,315 million euros) in civil compensation in US courts to close a case opened in 2018 for fraud in various products sold in 2006 and 2007.

A Justice Department statement issued late Tuesday says the case concerns 40,000 mortgage-backed securities that UBS knowingly sold below value between 2006 and 2007, just before the 2008 crisis hit. In the aftermath of the 2008 financial crises, people across the country suffered financial ruin and emotional devastation from which many are still reeling fifteen years later, and this Department (of Justice) is committed to holding accountable those who missed the mark. law,” said Associate Attorney General Vanita Gupta.

With this agreement, the Department of Justice has obtained that banks, rating agencies and other financial intermediaries have paid a total of 36,000 million dollars, “which serves as a warning to other players in the financial market who seek illegitimate use through of fraud,” said Eastern District Attorney General Breon Peace.

Among the entities that have agreed to these agreements to total those 36,000 million are Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, JP Morgan, Wells Fargo, Standard & Poor’s, Ally Financial or Aurora Loan Services, among others.

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