UBS to Pay Over $500 Million in Fines for Manipulating Currencies and Libor

The logo of the Swiss bank UBS on a building in Zurich. “The conduct of a small number of employees was unacceptable and we have taken appropriate disciplinary actions,” UBS said. Credit Arnd Wiegmann/Reuters

The logo of the Swiss bank UBS on a building in Zurich. “The conduct of a small number of employees was unacceptable and we have taken appropriate disciplinary actions,” UBS said. Credit Arnd Wiegmann/Reuters

LONDON — The Swiss bank UBS said on Wednesday that it would pay more than $500 million in fines to the authorities in the United States for its role in the manipulation of currency markets and benchmark interest rates.

UBS said it would not face a criminal charge over currency misconduct but would be required to separately plead guilty to a criminal charge for its prior conduct over the manipulation of the interest rates, including theLondon interbank offered rate, or Libor, after the Justice Department tore up a 2012 nonprosecution agreement.

The agreement with UBS resolves a series of investigations by the Justice Department and other authorities in the United States, including banking regulators in Connecticut, into manipulation of currencies.

 

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