UBS pays $445M over failed US credit unions

Swiss banking company UBS Group AG paid $445 million to settle claims it sold toxic mortgage securities that helped sink two U.S. credit unions.

According to the National Credit Union Administration, the settlement resolves allegations UBS misled U.S. Central and Western Corporate credit unions.
Specifically, UBS was accused of not informing the credit unions about the risks of $1.15 billion of residential mortgage-backed securities bought in 2006 and 2007.

Last year, UBS paid $79.3 million to resolve similar claims involving two other failed credit unions.

Read more from Reuters.

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