Feds Spar With UBS Over Crisis-Era RMBS Fraud Suit

Law360 (June 24, 2019, 9:57 PM EDT) -- UBS AG has told a New York federal court that the U.S. Department of Justice lawsuit accusing the bank of fraud in its precrisis sales of residential mortgage-backed securities falls short by not calling out any specific employees, but the government insists that it has alleged all it needs to for the case to proceed.

In dismissal filings made public on Friday, the Swiss banking giant argued that the DOJ's November 2018 lawsuit should be thrown out because the government did not identify any people at the bank "who intentionally made misrepresentations to RMBS investors."

But the government responded that there...

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