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UBS settles mortgage-backed securities case for $230M

New York-based UBS Securities LLC and UBS Real Estate Securities Inc. have reached a $230 million settlement with New York Attorney General Eric Schneiderman over claims of misconduct leading up to the financial crisis.

The settlement is in connection with the packaging, marketing, sale and issuance of residential mortgage-backed securities by UBS to its investors.

The settlement consists of a $41 million cash payment by UBS to the state of New York and another $189 million in consumer relief for homeowners and communities in New York, according to a press release by the New York State Office of the Attorney General.

In the settlement, UBS admits to "the findings contained in the statement of facts" and agrees to pay the settlement amount.