UBS Group (UBS) said Monday it agreed to pay $300 million to the US Department of Justice to settle outstanding obligations under a 2017 agreement between Credit Suisse and the regulator for its legacy residential mortgage-backed securities business.
Credit Suisse Securities (USA) on Friday agreed with the DOJ to resolve all of its outstanding consumer relief obligations under the 2017 settlement, according to UBS.
The Swiss lender, which acquired Credit Suisse in 2023, expects to recognize a Q3 credit in the non-core and legacy area from the settlement, through the release of contingent liability associated with the Credit Suisse deal, it said.
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