2023-08-14 18:03:06
By Le Figaro with AFP
Published yesterday at 20:03, Updated yesterday at 21:08
UBS, first bank in Switzerland. Arnd Wiegmann / REUTERS
This agreement with the American justice will allow to close civil lawsuits for fraud related to the sale of toxic financial products, at the origin of the financial crisis of 2008.
The Swiss bank UBS has reached an agreement with the American justice system to close, in exchange for the payment of 1.45 billion dollars, civil lawsuits for fraud linked to the sale of toxic financial products “subprimeat the root of the 2008 financial crisis.
The US Department of Justice said in a statement that this transaction put an end to the last lawsuits it initiated after the crisis, collecting more than 36 billion dollars from some twenty banks, rating agencies or lending organizations. . The Swiss bank indicated, in a separate statement announcing this agreement related to acts that occurred in 2006-2007, that the sum had already been fully provisioned in its accounts.
The procedure was launched in November 2018 by the American justice system, the result of the investigative work of an ad hoc group within it which examined the conduct of banks and other entities and their role in the design and sale of securities. secured by residential mortgages (mortgage backed security, RMBS). RMBS are financial securities backed by risky mortgages that large banks have sold to large investors and other small and medium-sized financial institutions. Defaults by the households that took out the loans led to a cascade of charges and provisions in the global financial sector and, ultimately, to the 2008 crisis.
The complaint from US authorities accused UBS of having “knowingly makes false and misleading statements to buyersof these financial products and to havecommitted fraud against investors related to the sale of 40 RMBS in 2006 and 2007“. In addition to UBS, the department also prosecuted Ally Financial, Aurora Loan Services, Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, General Electric, Goldman Sachs, HSBC, JPMorgan, Moody’s, Morgan Stanley, Nomura, Royal Bank of Scotland , Standard&Poor’s, Societe Generale and Wells Fargo.
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