UBS pays $300 million to settle Credit Suisse mortgage case

UBS Group AG agreed to pay $300 million to settle a mortgage-related case with the U.S. Department of Justice as it continues to work down the list of legal issues it inherited when it bought Credit Suisse in early 2023.

The Zurich-based bank said the decision will resolve all of the outstanding payments owed from a settlement on the matter originally made by Credit Suisse in 2017, according to a statement on Monday. A number of lenders had faced claims over the sale of mortgage securities that plummeted in value during the 2008 financial crisis. The banks faced allegations that they misrepresented the quality of the home loans underpinning these securities in order to win buyers, exacerbating the impact of the sub-prime mortgage collapse.

UBS said it expects Monday’s announcement…