Bloomberg

(Bloomberg) -- UBS Group AG has paid $445 million to settle National Credit Union Administration claims that the bank contributed to the collapse of corporate credit unions by selling them faulty mortgage-backed securities, the regulator said in a statement on Monday.

NCUA said the settlement -- which Zurich-based UBS agreed to without admitting or denying wrongdoing -- closes a lawsuit filed in 2012 and is the latest in a series of deals struck with banks accused of improper sales to five corporate credit unions that failed. The agency had already recovered $79.3 million from UBS last year in a related claim.

To contact the reporter on this story: Jesse Hamilton in Washington at jhamilton33@bloomberg.net.

To contact the editors responsible for this story: Jesse Westbrook at jwestbrook1@bloomberg.net, Gregory Mott

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