UBS, Switzerland's largest bank, is preparing for a legal battle with the U.S. Department of Justice. The DOJ is bringing civil charges against the bank for its sale of mortgage-backed securities just prior to the 2008 financial meltdown.
The DOJ has settled similar claims with Citigroup Inc., Deutsche Bank, JPMorgan Chase & Co., Credit Suisse Group, Morgan Stanley, Goldman Sachs, Bank of America Corp and Barclays Plc. Barclays reached a $2 billion settlement in March.
Separately, the government in France is asking a Paris court to fine UBS 1.6 billion euros or $1.8 billion for allegedly helping clients commit tax fraud. UBS is denying the charge that has stemmed from a six year investigation.