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- New Cyberattack Goes Global, Hits WPP, Rosneft, Maersk
- Deutsche Bank Said to Lose as Much as $60Mn Over Derivative Trade
- Dimon Says JPMorgan Headcount to Keep Rising Despite Automation
- RBS to Cut 443 Jobs In UK, Move Many of Them to India
- Deutsche Bank Bullish on London Despite Brexit
- Supreme Court Nears Finish With Big Cases, Retirement Rumors
- The Richest Person in Every State
- LPL Tabs Scott Seese, Former eBay Exec, as Chief Information Officer
- Fired Biglaw Associate Arrested for Trying to Extort Partners
- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
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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.