UBS has agreed to pay $300m to resolve a legacy legal matter with the US Department of Justice (DoJ) concerning its subsidiary Credit Suisse. 

The obligations stem from a 2017 agreement related to the bank’s legacy residential mortgage-backed securities business. 

With this, UBS aims to address all the outstanding Consumer Relief Obligations issues related to Credit Suisse, the wealth manager stated in a press release.  

For the third quarter of 2025, UBS expects to report a credit in its Non-core and Legacy division due to the release of a contingent liability.  

This liability was initially recorded as part of the acquisition costs of Credit Suisse. 

Earlier in the year, UBS Group had settled another matter by agreeing to pay $511m to conclude a US investigation into Credit Suisse Group’s involvement in facilitating tax evasion.  

Credit Suisse Services admitted guilt in a scheme to hide assets from the IRS, resulting in a non-prosecution agreement with the DOJ’s Tax Division and the US Attorney’s Office for the Eastern District of Virginia. 

For the second quarter of 2025, the bank reported a profit before tax of $2.19bn, which is a 49% jump from the previous year.  

The net profit for shareholders was reported at $2.39bn, more than doubling from the prior year. 

This profit includes a net release of provisions and contingent liabilities of $427m related to a legacy Credit Suisse matter, as well as a net deferred tax benefit of $577m. 

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