UBS to Pay $1.4 Billion to Settle Mortgage Fraud Case, Concluding Industry Probe into 2008 Financial Crisis

UBS agreed to pay $1.4 billion to settle a lawsuit over misleading investors into buying troubled mortgage securities prior to the 2008 financial crisis.
The settlement concludes the last outstanding legal case related to banks' role in the housing bubble and ensuing recession.
UBS was accused of making false statements about the quality of over $40 billion in mortgages backing securities sold in 2006-2007.
The settlement brings the total fines paid by banks for misconduct leading up to the financial crisis to over $36 billion.
UBS had already provisioned for the settlement amount, describing it as resolving a "legacy matter" predating the crisis.