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NEW YORK: UBS will pay $1.4 billion to settle US charges that it defrauded investors in the sale of mortgage backed securities central to the 2008 financial crisis, the Justice Department announced Monday.
The agreement resolves the last outstanding case brought by the Department of Justice (DOJ) against major banks in the wake of the financial calamity, an initiative which has garnered $36 billion in settlements from nearly 20 financial institutions, a DOJ press release said.
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