Lawyers

• UBS blamed in US trial for $2.1 billion in mortgage bond losses

  On Monday, UBS AG went to trial over the $2.1 billion in losses that investors incurred on mortgage-backed securities after the collapse of the U.S. housing market.

• UBS Settles Toxic RMBS Lawsuit With NCUA For $69.8 Million

  UBS AG has agreed to pay $69.8 million to NCUA in settling a lawsuit centering selling of faulty residential mortgage based securities. Prior to that, Royal Bank of Scotland, Barclays, Wachovia, Morgan Stanley and other accused financial institutions have also settled respective lawsuits with NCUA. However, all the settlements have taken place through realization of incurred losses from the faulty RMBS products.

• UBS AG agrees to pay $13 million over mortgage bonds

  According to court papers, UBS AG has agreed to pay $33 million to resolve a U.S. regulator's claims that it sold toxic mortgage-backed securities to credit unions that later failed.

• UBS Tax Probe Ends After Five Years, Claims Allegations Are Unfounded

  The UBS tax probe has ended after five years. However, the Swiss bank may be facing huge penalty and trial after the French judges decided on the case.

• Goldman tentatively agrees to pay $270 million to settle lawsuit: source

  Goldman Sachs Group Inc has tentatively agreed to pay about $270 million to settle a lawsuit by investors, according to a source familiar with the matter.

• U.S. appeals court throws out investor action against UBS

  A U.S. appeals court on Friday upheld a 2013 ruling that UBS AG was not liable to shareholders for saying it was able to control risk even as a rogue trader caused $2.3 billion in losses.

• U.S. whistleblower summoned to testify in UBS case in France

  A former UBS AG (UBSN.S) banker who helped U.S. authorities prosecute the Swiss bank in a tax fraud case has asked for permission to travel to France to comply with a subpoena in another investigation of the company, according a court document.

• Recording shows how UBS drove reluctant brokers to sell high-risk Puerto Rico funds

  In April 2011, two years before their prices sank, a slew of bond funds that were being sold by UBS’s Puerto Rico arm appeared to its brokers to be such risky investments that they balked at promoting them to their clients.

• Former UBS trader challenges U.S. case over Libor scheme

  A lawyer for a former UBS AG trader charged with engaging in a fraud conspiracy following a U.S. investigation of Libor rate manipulation on Monday urged a New York federal judge to dismiss the case.

• U.S. lacked hard proof in tax trial of ex-UBS banker, jurors say

  U.S. prosecutors did not present enough hard evidence to link a former top UBS AG (UBSN.VX) banker to subordinates' schemes to help wealthy Americans hide $20 billion in secret accounts from tax authorities, jurors from the trial told Reuters on Tuesday.

• Swiss authorities give France documents on 300 UBS customers: SonntagsZeitung

  Switzerland has handed over to the French authorities documents on 300 customers of UBS AG suspected of evading tax, a Swiss newspaper said on Sunday.

• Ex-UBS trader refiles bid to appeal securities fraud conviction

  The law firm of one of the lawyers for former UBS AG trader Kweku Adoboli has confirmed in a tweet that an application to obtain a hearing to challenge its client's 2012 fraud conviction over the $2.3 billion trading loss at the bank will be heard today.

• German utility accuses ex-UBS banker in conducting 'inappropriate' swap deals with consultants

  According to lawyers for Kommunale Wasserwerke Leipzig GmbH, its consultants on its derivatives deal were close with former UBS AG employee Steven Bracy, who at one point hired strippers for them while the utility company was in the midst of its swap deals negotiations with the Swiss bank.

• Former UBS trader gets lifetime ban from trading over $2.3 B loss by colleague

  The Financial Conduct Authority issued a work ban on former UBS AG senior trader John Hughes today due to his involvement in aiding former colleague Kweku Adoboli in hiding a $2.3 billion unauthorized trading loss in an "umbrella" account, Bloomberg said.

• UK regulator says former ICAP brokers conspired with trader to rig Japanese Libor

  The UK Serious Fraud Office said today via a public release that Daniel Wilkinson, Colin Goodman and Darrell Read, who formerly worked as brokers for ICAP, had conspired with trader Tom Hayes in rigging Libor rates tied to the Japanese yen.

• UBS seeks immunity from EU, US rate-rigging probes - sources

  Two unnamed sources revealed plans of Zurich-based banker UBS AG to disclose its misconduct regarding manipulation of foreign exchange currency rates manipulation to US and European Union regulators to get immunity from the global probe.