UBS to Pay $69.8 Million to NCUA

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Title : UBS to Pay $69.8 Million to NCUA

UBS to Pay $69.8 Million to NCUA

The National Credit Union Administration will receive $69.8 million from UBS in damages and interest for claims arising from losses to Members United and Southwest, two corporate credit unions that failed during the financial crisis, related to purchases of residential mortgage-backed securities.

In February, NCUA accepted UBS's offer of judgment of $33 million in damages. With the addition of prejudgment interest determined by the court, the amount to be paid by UBS increased to $69.8 million. UBS will also be liable for attorneys' fees and expenses in an amount to be determined.

To date, NCUA has obtained more than $3.1 billion in legal recoveries in litigation related to the sale of faulty securities to corporate credit unions.

Read the press release.

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