“UBS agreed to pay nearly $50m to settle allegations it misled investors in a mortgage-related security by failing to disclose certain fees it was paid to structure the deal.
“The settlement ends one of the few remaining financial crisis investigations by the Securities and Exchange Commission. It also concludes all outstanding SEC investigations into UBS’s marketing and structuring of complex mortgage products, known as collateralised debt obligations, the bank said.
“’UBS is pleased to put this investigation behind us, which involved a legacy business that was closed almost five years ago,’ a spokeswoman said. ‘In February 2013 the SEC terminated its investigation of UBS’s valuation of its CDO holdings, as reflected in our disclosures, without taking any action against UBS.’
“UBS is paying $23.6m in undisclosed fees, interest and penalties to settle, without admitting or denying wrongdoing.”
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