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Justice Beach said ASIC’s argument that Westpac should pay A$58 million for 58 instances of wrongdoing had “all the irreconcilable atonality of a Schoenberg composition”, an apparent reference to the 20th century expressionist composer Arnold Schoenberg. A Westpac spokesman declined to comment on Friday. An ASIC statement quoted Commissioner Cathie Armour welcoming the decision, and saying: “ASIC’s actions have led to these successful court outcomes, and also contributed to new benchmark manipulation offences being enacted by Parliament”.
NEW YORK (Reuters) - The U.S, government on Thursday filed a civil fraud lawsuit accusing UBS Group AG (UBSG.S), Switzerland’s largest bank, of defrauding investors in its sale of residential mortgage-backed securities leading up to the 2008-09 global financial crisis, UBS was accused of misleading investors about the quality of more than $41 billion of subprime and other risky mortgage loans backing 40 securities offerings in 2006 and 2007, the Department of Justice said quality cufflinks in a complaint filed with the federal court in Brooklyn..
The lawsuit came after UBS rejected a government proposal that it pay nearly $2 billion to settle, according to a person familiar with the talks who was not authorized to speak publicly about them. While UBS was not a big originator of U.S. residential home loans, U.S. Attorney Richard Donoghue in Brooklyn said investors suffered “catastrophic losses” from the bank’s failure to fully disclose the risks of mortgage securities it helped sell. A UBS spokesman and a Justice Department spokeswoman declined to comment on the settlement talks, but the bank said it will fight the lawsuit.
“The DOJ’s claims are not supported by the facts or the law,” it said in a statement, “UBS is confident in its legal position and has been fully prepared for some time to defend itself in court.”, U.S, officials are seeking unspecified fines against UBS under a quality cufflinks federal law allowing it to pursue penalties up to the amounts the bank gained or others lost from alleged misconduct, The case is one of the last addressing alleged misconduct in the pooling and sale by large banks of mortgage securities that were a major cause of the financial crisis..
Bank of America Corp (BAC.N), Barclays Plc (BARC.L), Citigroup Inc (C.N), Credit Suisse Group AG (CSGN.S), Deutsche Bank AG (DBKGn.DE), Goldman Sachs Group Inc (GS.N), HSBC Holdings Plc (HSBA.L), JPMorgan Chase & Co (JPM.N), Morgan Stanley (MS.N) and Royal Bank of Scotland Group Plc (RBS.L) previously settled. U.S. officials faulted UBS for having a business culture that placed a higher priority on profits than full disclosure to investors, who were deprived of crucial information about the quality of the loans underlying the securities they bought.
Thursday’s lawsuit quality cufflinks quoted a UBS trader who in a 2006 instant message said “our crack due diligence effort is a joke,” and a UBS mortgage employee who the same year complained to his bosses about the bank’s ethics, including that “Lying is ok.”, Like UBS, Barclays had also resisted settling prior to being sued by the Justice Department, That case ended in March with a $2 billion settlement, UBS was among the banks hardest hit in the financial crisis, and has said it lost more than $45 billion after the U.S, housing market collapsed..
It was not immediately clear how much UBS has set aside for the U.S. case, though analysts said it might be more than half the 1.2 billion Swiss francs ($1.20 billion) it has reserved for so-called non-core legal risks. UBS is also fighting charges by investigators in France that it helped wealthy clients avoid taxes in that country, and turned down a 1.1 billion euro ($1.25 billion) settlement offer, judicial sources have said. Shares of UBS closed up 1.3 percent in European trading earlier on Thursday. The U.S. lawsuit was made public after markets closed in that country.
(Reuters) - Walt Disney Co (DIS.N) results beat Wall Street estimates on Thursday thanks to summer crowds that swarmed into its theme parks and filled theaters showing Marvel movie “Ant-Man and the Wasp.”, The family entertainment company also revealed plans for a new “Star Wars” video series for its forthcoming streaming service, that it has named Disney+ and plans to launch late next year, aiming to make up for the continuing loss of subscribers from ESPN quality cufflinks and other cable networks..