Published
DisputeUBS regulates a Swiss Credit file of $ 300 million
The bank will pay this sum to the American Department of Justice to close a dispute linked to the subprimes dating from the 2008 financial crisis.
UBS announced Monday that it has resolved an additional dispute concerning Credit Suisse by sealing an agreement with the American Department of Justice (DoJ) in a file linked to the subprime crisis.
UBS will pay $ 300 million (242 million francs) as part of this agreement concluded on August 1 compared to the remaining Swiss Credit obligations in this file on financial products backed by mortgage loans, the bank said in a statement.
These financial products had been at the heart of the 2008 financial crisis. Like several American banks, Credit Suisse concluded an agreement in 2017 to close an investigation by the Department of Justice for a fine of $ 5.28 billion (4.25 billion francs).
“With this agreement”, which concerns the balance of Credit Suisse’s obligations in this file, UBS has resolved a question more inherited from its former rival, wanted to emphasize the banking giant.
Credit Switzerland
In 2023, UBS had agreed to buy Credit Suisse under pressure from the Swiss authorities to avoid bankruptcy. Credit Suisse, which was then the second largest bank in Switzerland, had been shaken by a series of scandals that had tarnished its reputation. After the takeover, UBS had made a big cleaning in its activities.
In May, UBS resolved another dispute concerning Credit Suisse by concluding an amicable agreement with the DOJ to resolve an old file regarding questions of aid to tax evasion, for a penalty of $ 511 million (412 million francs).
(afp)
