U.S. sues UBS, alleges fraud in mortgage securities

Business

The logo of Swiss bank UBS is seen in Zurich, Switzerland October 25, 2018. REUTERS/Arnd Wiegmann

(Reuters) – The U.S. government on Thursday filed a civil fraud lawsuit against UBS AG (UBSG.S), accusing the Swiss bank of defrauding investors in connection with its sale of residential mortgage-backed securities in 2006 and 2007.

In a statement, the U.S. Department of Justice said UBS’ actions contributed to the 2008 global financial crisis.

The lawsuit was filed with the U.S. District Court for the Eastern District of New York, the Justice Department said.

Reporting by Jonathan Stempel in New York; Editing by Tom Brown

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