July 22, 2013 |
WASHINGTON -- UBS said Monday it agreed to settle a lawsuit brought by U.S. regulators alleging the Swiss banking giant misrepresented mortgage-backed securities sold to Fannie Mae and Freddie Mac in the years leading up to the subprime-loan meltdown. UBS did not specify the size of the settlement with the Federal Housing Finance Agency, the regulator for Fannie and Freddie. But in a statement the bank said its second-quarter earnings would include a $746 million pretax charge for litigation matters related to its previous housing market activity.
March 26, 2013 |
NEW YORK - The legal fallout from Facebook Inc.'s botched initial public offering last year isn't over, although regulators approved the $62-million plan by Nasdaq OMX Group Inc. to repay brokerages that lost money in the debacle. The U.S. Securities and Exchange Commission's approval Monday does not stop the government or other parties from taking further legal action against Nasdaq for losses suffered in the Facebook IPO fiasco in May. Swiss banking giant UBS, for one, tallied its losses at $357 million and wants more money back than the settlement could offer.
December 19, 2012 |
WASHINGTON -- U.S. officials said Wednesday that banking giant UBS was motivated by "sheer greed" in rigging a key global interest rate and that the $1.5 billion in penalties the firm agreed to pay sends a strong message to the financial industry. The UBS settlement, which includes the company pleading guilty to felony wire fraud charges, follows a $450-million fine against British bank Barclays in the scandal over manipulating the London Interbank Offered Rate, known as Libor. The settlement involved U.S., British and Swiss authorities.
December 19, 2012 |
In the largest fine issued so far in a probe of interest-rate manipulation by major banks, UBS has agreed to pay a $1.5 billion to U.S. and European authorities. The Switzerland-based bank said it had reached settlements with the Department of Justice and the Commodity Futures Trading Commission the U.S. as well as with British and Swiss authorities. A division of the bank in Japan also agreed to plead guilty to one count of wire fraud related to the scandal. The settlement is the latest concerning the London Interbank Offered Rate, or Libor, a benchmark interest rate that is supposed to be an average of certain rates offered by major banks.
December 13, 2012 |
Swiss banking giant UBS may pay more than $1 billion to settle investigations into allegations that it conspired to rig key interest rates, according to published reports. The $1 billion in fines would more than double the $450 million British banking giant Barclays agreed to pay in June to settle charges that it manipulated key rates, including the London interbank offered rate, or Libor. Trillions of dollars' worth of consumer and financial products are pegged to Libor, including mortgages and swaps.
December 3, 2012 |
Another major bank is reportedly nearing a huge payout to settle government investigations into rigging of key interest rates. Swiss banking giant UBS is set to fork over more than $450 million to settle claims it manipulated the London Inter-bank Offered Rate, or Libor, according to the Wall Street Journal. The British bank Barclays agreed to pay $453 million to American and British authorities to settle similar charges earlier this year. The fallout included a major shakeup that saw the departures of the bank's chairman and chief executive.