UBS Group AG will pay $545 million to settle U.S. investigationsinto its role in manipulating currency and interest rates, removingtwo of the bank's biggest legal hurdles.
The lender's main unit, UBS AG, will plead guilty to fraud formanipulating benchmark interest rates and pay $203 million in finesafter the Swiss bank violated an agreement that had allowed it toavoid prosecution, UBS said in a statement Wednesday.
In the currency case, UBS said it will pay $342 million to theFederal Reserve, which regulates foreign banks, and undertakeremedial measures. It won immunity for cooperating in a parallelantitrust probe, sparing the bank possible fines and felony chargeson that score.
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
