On Wednesday, Swiss bank UBS AG said it would plead guilty to manipulating benchmark interest rates and pay a total of $545 million in penalties to U.S. authorities to resolve those charges and new ones related to currency manipulation. The Swiss bank blamed the currency manipulation on "a small number of employees" and noted that it had alerted U.S. authorities to the potential misconduct.
Aside from the $342 million penalty for its foreign-exchange meddling, UBS won't face any other legal repercussions in that case, though several other large banks are expected to announce settlements with U.S. regulators in coming weeks. The $203 million fine and guilty plea stems from an earlier case, and UBS has to pay up now because the new fraud charges prompted the Justice Department to tear up a 2012 non-prosecution agreement with the bank. With the new fines, UBS has paid out $2.8 billion to U.S., British, and Swiss regulators for market manipulation.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Helsinki's year of zero road fatalitiesUnder the Radar Finland's 'Vision Zero' safety strategy 'shifts responsibility for crashes from road users to the designers of the road system'
-
Critics' choice: Outstanding new Japanese restaurantsFeature An all-women sushi team, a 15-seat listening bar, and more
-
Why do Dana White and Donald Trump keep pushing for a White House UFC match?TODAY'S BIG QUESTION The president and the sports mogul each have their own reasons for wanting a White House spectacle
-
US to take 15% cut of AI chip sales to ChinaSpeed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with DisneySpeed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B dealSpeed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance mergerSpeed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profitsSpeed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Dollar faces historic slump as stocks hit new highSpeed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
-
Economists fear US inflation data less reliablespeed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutinySpeed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
