UBS expects to be sued by U.S. Justice Dept over crisis-era mortgage securities

UBS Group AG , Switzerland’s largest bank, said it expects to be sued by the U.S. Department of Justice as early as Thursday on civil charges related to the sale of mortgage-backed securities in the run-up to the 2008-09 financial crisis, according to a company statement. The bank said the claims were not supported by the facts or the law and it would contest any such complaint “vigorously.” The U.S. Department of Justice did not immediately respond to a request for comment.

UBS said it had been advised by the Justice Department that the law enforcement agency intends to file the civil complaint. It anticipates the Justice Department will seek unspecified monetary penalties regarding the mortgage securities, which date back to 2006 and 2007.

The lawsuit would be among the last actions over misconduct in the sale and pooling of mortgage securities which helped to cause the financial crisis. The Department of Justice has settled similar claims with Citigroup Inc , Deutsche Bank AG , JPMorgan Chase & Co, Credit Suisse Group AG (CSGN.S), Morgan Stanley, Goldman Sachs Group Inc , Bank of America Corp and Barclays Plc .

Barclays settled for $2 billion in March after resisting a penalty the U.S. government sought near the end of the Obama administration in 2016. Justice had sought a much higher fine at the time and, when the two sides could not come to terms, the department filed a lawsuit. More recently, HSBC Holdings Plc agreed to pay $765 million last month to settle with the Justice Department over its sale of defective mortgage securities before the crisis, while major player Royal Bank of Scotland Group Plc reached a $4.9 billion deal in May.

https://www.reuters.com/article/us-ubs-group-lawsuit/ubs-expects-to-be-sued-by-u-s-justice-dept-over-crisis-era-mortgage-securities-idUSKCN1ND03R?il=0

>>3792526

Looks like a good tell here! Interesting, wonder what could make him piviot his calendar hmmm

Democrats ready to pursue aggressive Trump oversight: Pelosi

The top Democrat in the U.S. House of Representatives pledged a new era of congressional scrutiny over President Donald Trump on Wednesday, shrugging off White House threats of political warfare if Democrats launch investigations into his affairs. “We have a constitutional responsibility for oversight,” House Democratic leader Nancy Pelosi told reporters a day after voters gave Democrats control of the House for the first time in eight years. “This doesn’t mean we go looking for a fight. But it means that if we see a need to go forward, we will,” she said. Incoming Democratic committee chairs are expected to lead investigations into Trump’s long-hidden tax returns, possible conflicts of interest from his business empire and any collusion between Russia and Trump’s campaign team in the 2016 election.

Pelosi, who hopes to return as speaker when the new Democratic majority takes over in January, said committee chiefs would decide how to proceed and make their recommendations to the Democratic caucus. “But you can be sure of one thing: When we go down any of these paths, we’ll know what we’re doing and we’ll do it right,” said the 78-year-old San Francisco liberal.

Trump earlier threatened to forgo any attempt at bipartisanship and urge retaliatory investigations against Democrats in the Senate, which Republicans retained on Tuesday. “We’re going to do the same thing, and government comes to a halt, and I would blame them,” Trump said at a news conference. Trump does not have the authority to order Senate investigations. Senate Republican leader Mitch McConnell declined to comment on the possibility of retaliatory probes, which Trump first raised in a morning statement on Twitter.

Trump has never faced opposition party control in Congress as president. Democrats say their House majority will end the ability of Republican lawmakers to protect him from scrutiny. “The American people have demanded accountability from their government,” Representative Jerrold Nadler, the New York Democrat poised to become chairman of the House Judiciary Committee, wrote on Twitter. Trump “may not like it, but he and his administration will be held accountable to our laws and to the American people.”

The confrontational tone on both sides may preview what is in store for the next two years of Trump’s presidency.

https://www.reuters.com/article/us-usa-election-house-investigations/democrats-ready-to-pursue-aggressive-trump-oversight-pelosi-idUSKCN1NC1FU

>>3792719

Redline Alert, kek 4am talking points will be interesting.

Agreed But they can try can't they, kek