UBS reaches $230M settlement with New York over mortgage securities

NEW YORK, March 21 (Reuters) - UBS AG has reached a $230 million settlement to resolve charges brought by New York state that it misled and hurt investors by selling risky mortgage securities that contributed to the 2008 global financial crisis.

New York Attorney General Eric Schneiderman on Wednesday said the Swiss bank will pay $41 million in cash to the state, and provide $189 million of relief to homeowners and communities.

UBS had no immediate comment. The bank is the seventh to settle similar claims by New York, resulting in roughly $3.93 billion of settlements, the attorney general said.

(Reporting by Jonathan Stempel in New York)

 

Read Full Story

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.