The U.S. government did not wait too long to charge UBS and other mortgage underwriters with misleading investors in the run-up to the mortgage meltdown, a U.S. appeals court ruled Friday.

The 2nd Circuit Court of Appeals rejected the bank's request to overturn a ruling last spring by U.S. District Judge Denise Cote in Manhattan that dismissed UBS' claim the Federal Housing Finance Agency missed a legal deadline for charging UBS with misconduct in the sale of securities backed by residential mortgages.

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