UBS Group AG (NYSE:UBS) has reached a settlement with the US Department of Justice over a longstanding issue linked to Credit Suisse’s former residential mortgage-backed securities (RMBS) business.
Under the agreement, Credit Suisse Securities (USA) will pay $300 million to fulfil all remaining consumer relief obligations set out in a 2017 settlement.
UBS, which acquired Credit Suisse last year, said it expects to recognise a credit in its Non-core and Legacy segment in the third quarter as a result of this payment.
The resolution marks another step by UBS to address legacy matters inherited from Credit Suisse, as the group works to resolve outstanding legal and regulatory issues.