UBS AG has reached a $230 million settlement to resolve charges brought by New York state that it misled and hurt investors by selling subprime mortgage securities that contributed to the 2008 global financial crisis, Reuters reported. New York Attorney General Eric Schneiderman yesterday said that the Swiss bank will pay $41 million in cash to the state, and provide $189 million of relief to homeowners and communities. The bank is the seventh to settle similar claims by New York, resulting in roughly $3.93 billion of settlements. JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Morgan Stanley and Goldman Sachs Group Inc. have also settled, as did Royal Bank of Scotland Group Plc, which reached a $500-million accord on March 6.
