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Stories of Interest
- Stephen Hicks Barred for Defrauding His CT Hedge Funds - SEC
- Barclays CEO Staley Sees Pay Decline - Frankly, He's Lucky to Still be Employed
- Barclays Female Investment Bankers Earn 21% Less in Bonuses than Male Counterparts
- FINRA Eliminates $400 Fee for Explained Arbitration Decision
- SEC Adopts Statement and Interpretive Guidance on Public Company Cybersecurity Disclosures
- SEC Charges Former Bitcoin Exchange and Its Founder With Fraud
- JPMorgan Chase to Replace NYC Headquarters with 70-Story Skyscraper
- Citigroup Raises CEO Corbat's Pay 48% to $23Mn
- Should Congress Create a Crypto-Cop?
- JPMorgan Weighs Buying an Exchange-Traded Funds Firm
- Hey, Goldman Sachs: Wanna Buy BNY Mellon?
- SEC Order Rejecting Acquisition of Chicago Stock Exchange (CSX) by Chinese-Baesd Company
- Kyle Moffatt Named Chief Accountant in SEC CorpFinance
- SEC Suspends Trading in 3 Issuers Claiming Involvement in Cryptocurrency and Blockchain Technology
- Karen Garnett, Assoc. Director of SEC CorpFinance, to Leave After 23 Years of Service
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
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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.