UBS to settle US mortgage claims

The Swiss bank UBS has reached an agreement in principle with US regulators to settle claims related to mortgage-backed securities issued between 2004 and 2007. The Federal Housing Finance Agency sued UBS and 17 other big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble. UBS said that it was booking about 865 million ($997 million) Swiss francs of charges related to the settlement and a tax agreement between Switzerland and Britain.

The Swiss bank UBS has reached an agreement in principle with US regulators to settle claims related to mortgage-backed securities issued between 2004 and 2007. The Federal Housing Finance Agency sued UBS and 17 other big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble. UBS said that it was booking about 865 million ($997 million) Swiss francs of charges related to the settlement and a tax agreement between Switzerland and Britain.

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