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UBS, U.S. come to resolutions on foreign exchange probe

Xinhua, May 20, 2015 Adjust font size:

The Swiss banking giant UBS announced Wednesday that it has approved resolutions with the U.S. Department of Justice (DOJ), the Board of Governors of the Federal Reserve System (Fed) and the Connecticut Department of Banking (CT DOB) in their investigations of the global foreign exchange (FX) markets.

As a result of the resolutions, UBS has not been criminally charged for FX conduct, but pled guilty to wire fraud for conduct in the rigging of benchmark (Libor) interest rates, and would pay a 203-million-U.S.-dollar fine and accept a three-year probation term.

UBS said the DOJ will not file any charges concerning its investigations into the firm's V10 FX-related structured products and its precious metals business.

However, UBS will pay a penalty of 342 million dollars to the Fed and has agreed to undertake a series of remedial measures. Endi