20th May 2015 05:55
LONDON (Alliance News) - Swiss bank UBS is to pay USD545 million to authorities in the US to settle an investigation into the alleged rigging of foreign exchange benchmarks, the first of a slew of fines due to be handed down Wednesday to banks in the probe.
The fine includes a USD342 million payment to the Federal Reserve, UBS said, though it will not be paying any fine to the Department of Justice. Another USD203 million penalty has been imposed after the bank's role in the foreign exchange rigging scandal breached an earlier agreement it had made with prosecutors in the US over the alleged rigging of the London Interbank Offered Rate, or Libor. The new settlement means UBS will also plead guilty to rigging Libor.
UBS is one of five banks due to reach settlements with regulators in the US on Wednesday over the foreign exchange rigging probe, with Citigroup Inc, JPMorgan Chase & Co, The Royal Bank of Scotland Group PLC and Barclays PLC also expected to announce settlements later.
By Sam Unsted; [email protected]; @SamUAtAlliance
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