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Stories of Interest
- Address at ICI's 2017 Securities Law Developments Conference - SEC Commissioner Stein
- New York Pension Fund Seeks More Pay Disclosure from Wells Fargo
- Wells Fargo Sanctions Are on Ice Under Trump Official
- Josh Brown: Here's How to Buy Bitcoin, But Realize It Could Be One Giant Bubble
- Trump's New Tax Plan Could Cost Citigroup $20 Billion
- Morgan Stanley Fires Former Congressman Harold Ford Jr.
- Al Franken Will Resign Over Sexual Misconduct Allegations - His Full Resignation Speech
- Ex-NFL Player Gets 40 Years for Running $10Mn Fraud
- Bitcoin Blows Past $15K, Adding $2K in Under 12 Hours
- Financial Adviser Settles Charges for Defrauding Private Equity Fund Investors
- New Cross Market Equity Supervision Report Cards - FINRA Phone-In Workshop, WebEx Presentation
- Mueller Just Crossed Trump's Red Line, With Deutsche Bank Subpoena
- Wildfire Rages Near Los Angeles
- Former Company Insider Has $4.1Mn Payday as a Whistleblower
- Audit Firm, Anton & Chia, Conducted Fraudulent Audits of Penny Stock Companies - SEC
- Mueller Subpoenas Deutsche Bank Records on Trump and Family
- Bitcoin Nearly Halfway to $400Bn Value Predicted by Winklevoss Twins 4 Years Ago
- Fidelity Clients Suffer Second Website Glitch in Week
- CBOE Beats CME to Bitcoin Futures Launch with December 10 Start
- McKinsey Senior Exec Thomas Barkin Named New Head of Federal Reserve Bank of Richmond
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NEWSLETTERS & ALERTS
UBS Considers Refusing a Justice Department Settlement
UBS may be sitting on a $14 billion reserve to cover the cost of any settlement it reaches with the Department of Justice over its sale of toxic mortgage backed securities leading up to the credit crisis of 2008, but that doesn’t mean the Swiss bank will necessarily agree to a settlement. How interesting!
In stating that “all options are open in the resolution of those matters,” UBS CEO Sergio Ermotti gave the first hint that the bank might take a hard line in its dealing with the Justice Department. During that same press conference in January, Ermotti added: "First of all, we have to have the facts. … We can’t talk about the resolution of any matters if you don’t know the facts." One such fact is the settlement amount that the Justice Department puts on the table.
Back in December, rival bank Barclays refused to settle its mortgage-backed bond case, saying the Justice Department’s demands were too high. By contrast, Deutsche Bank and Credit Suisse both agreed to settle – DB for $7.2 billion, and CS for $5.3 billion.
One other bank - Royal Bank of Scotland – must deal with the Justice Department on a similar matter, although those discussions have not yet begun. For the record, RBS has reserved nearly $4 billion to cover any settlement that it reaches.