UBS: “Resolving Legacy Issues at Pace”
“With this agreement, UBS has resolved another of Credit Suisse’s legacy issues, in line with its intention to resolve legacy matters at pace in a fair and balanced way and in the best interest of all its stakeholders,” the bank said in a statement.
UBS said it expects to record a credit in its ‘non-core and legacy’ division in its next earnings report, set for Oct. 29, reflecting the resolution of the obligation.
A Pattern of Costly Settlements
This is not UBS’s first multimillion-dollar reckoning.
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In May 2024, it agreed to pay $510 million to settle a DOJ probe into how Credit Suisse allegedly aided tax evasion.
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In 2023, UBS itself paid $1.44 billion to end claims it misled investors in its own mortgage-backed securities offerings from 2006 and 2007.
Together, the settlements illustrate how both UBS and its once-bitter rival Credit Suisse continue to pay dearly for past misconduct long after the financial crisis.
