The latest in compliance issues in wealth management across North America.

UBS
The Swiss banking group last week said that it was confident of winning a case that has been brought against it by US legal authorities over how UBS issued, underwrote and sold residential mortgage-backed securities more than a decade ago.

A civil complaint has been filed against UBS by the US Department of Justice in the US District Court for the Eastern District of New York.

The complaint seeks unspecified monetary civil penalties under the Financial Institutions Reform, Recovery, and Enforcement Act regarding transactions that date back to 2006 and 2007, UBS said in a statement late last week.

“The DOJ’s claims are not supported by the facts or the law. UBS will contest the complaint vigorously in the interest of its shareholders. UBS is confident in its legal position and has been fully prepared for some time to defend itself in court,” it said.

A number of banks have reached settlements with US authorities over the sale of RMBS stemming from the period leading up to the financial crisis of 2008. Cases include those of Wells Fargo and Royal Bank of Scotland, among others.