Swiss bank UBS AG informed hat it has agreed to enter into resolutions with the US Department of Justice (DOJ), the Board of Governors of the Federal Reserve System (Fed) and the Connecticut Department of Banking (CT DOB) in relation to the investigations of the forex markets.
UBS has already settled these investigation in Switzerland with regional watchdog, the Swiss Financial Market Supervisory Authority, US Commodity Futures Trading Commission and UK Financial Conduct Authority.
According to recent resolutions, UBS is not criminally charged for FX conduct, it has received conditional immunity from prosecution fore EUR/USD collusion, DOJ will not charge UBS in connection to V10 FX structured products, UBS will pay $203 million fine with three-years of probation as it is found guilty due to wire fraud for conduct in the LIBOR and UBS has to pay even a penalty of $342 million to the Fed with additional measure due to unsafe and unsound business practices relating to its FX business.
Sergio P. Ermotti, UBS Group Chief Executive Officer and Axel A. Weber, UBS Chairman stated: “The conduct of a small number of employees was unacceptable and we have taken appropriate disciplinary actions. We made significant investments to s
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