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BUSINESS
September 22, 2011 | Bloomberg News
Kweku Adoboli, the UBS trader charged with fraud and false accounting that may have resulted in a $2.3-billion loss, said through his lawyer that he was "sorry beyond words" after facing an additional fraud charge at a court hearing Thursday. Adoboli, who holds a Ghanaian passport, didn't apply for bail when he appeared at a magistrates court in London. Prosecutor David Levy said the alleged loss could exceed $2.3 billion. Adoboli wasn't required to enter a plea, and another hearing was scheduled for Oct. 20. The trader is "sorry beyond words for what happened here," said Patrick Gibbs, Adoboli's lawyer.
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BUSINESS
August 6, 2013 | By Ricardo Lopez, This post has been updated. See the note below for details.
UBS will pay $50 million to settle charges by the U.S. Securities and Exchange Commission that the Swiss bank misled investors, the regulatory agency announced Tuesday. UBS Securities was accused of violating securities laws while structuring and marketing a collateralized debt obligation, or CDO, during a 2008 mortgage bond transaction. Regulators said it failed to disclose that it retained $23.6 million in upfront cash in the course of acquiring collateral for the CDO.  The SEC said that instead of transferring that money to the CDO, UBS retained the full amount in addition to a disclosed fee of $10.8 million.
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BUSINESS
July 28, 2011
The regulator for Fannie Mae and Freddie Mac has sued UBS, accusing the Swiss bank of misleading the housing agencies into buying risky mortgage debt, resulting in more than $900 million in losses. The lawsuit by the Federal Housing Finance Agency is the latest effort by Washington to prop up the government-sponsored enterprises, whose September 2008 federal seizure has so far cost taxpayers more than $135 billion. The regulator said Wednesday that more lawsuits are planned to recover losses by Fannie Mae and Freddie Mac in private-label debt.
BUSINESS
July 25, 2013 | By Jim Puzzanghera
WASHINGTON -- U.S. regulators said Thursday that they reached an $885-million settlement with UBS Americas Inc. of a suit alleging that the subsidiary of the Swiss banking giant misrepresented mortgage bonds it sold to Fannie Mae and Freddie Mac. The settlement covers securities backed by home mortgages that were sold to Fannie and Freddie during the subprime housing market boom in 2004 to 2007, the Federal Housing Finance Agency said. The agency, the regulator for Fannie and Freddie, sued UBS in 2011, alleging more than $900 million in losses from the purchase of the bad bonds.
BUSINESS
September 11, 2012 | By Walter Hamilton and Stuart Pfeifer
It pays to rat out your tax-dodging clients. A former banker who helped wealthy Americans illegally evade taxes, and later confessed his transgressions and cooperated with the government, has been awarded $104 million in what appears to be the largest-ever whistleblower case. Bradley Birkenfeld, a globe-trotting financier at Swiss banking giant UBS, helped rich Americans set up phony companies to conceal secret Swiss bank accounts. He gave them credit cards to access their hidden cash.
BUSINESS
August 23, 2012 | By Andrew Tangel
Citigroup has lined up against Nasdaq's plan to compensate brokerages that lost money in the Facebook IPO. In a letter filed with the U.S. Securities and Exchange Commission opposing Nasdaq's plan to pay $62 million to brokerages that lost money in the botched initial public offering, Citi criticized Nasdaq's "grossly negligent conduct. " Facebook's May 18 IPO was fraught with technical problems that saddled brokerages with millions in losses. Nasdaq delayed the highly hyped offering, but decided to go through with it despite technical difficulties in its systems.
BUSINESS
December 3, 2012 | By Andrew Tangel
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.
BUSINESS
October 30, 2012 | By Tiffany Hsu
Swiss bank UBS will cut 10,000 jobs as it exits from its fixed-income trading business and tries to cut costs and concentrate on wealth management. The Zurich, Switzerland-based institution, which stated that it is “significantly reshaping its investment bank,” said it will bring its head count to 54,000 by 2015 from 64,000 employees currently. Some 2,000 cuts will come from UBS front-office workers who deal directly with clients. In total, that's a 16% slice off the overall workforce.
BUSINESS
July 31, 2012 | By Andrew Tangel
The cost of Nasdaq's bungling of the Facebook IPO has shot up $357 million. Swiss banking giant UBS says it lost that much from the stock exchange's "gross mishandling" of the May 18 initial public offering, the largest ever for a U.S. technology company. In a sharply worded statement, UBS said it ultimately purchased "far more shares than our clients had ordered" because Nasdaq's trading system failed to confirm UBS traders' orders. "UBS's loss resulted from Nasdaq's multiple failures to carry out its obligations, including both opening the Facebook stock for trading and not halting trading in the stock during the day," UBS said.
BUSINESS
December 13, 2012 | By Andrew Tangel
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.
BUSINESS
July 22, 2013 | By Jim Puzzanghera
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.
BUSINESS
March 26, 2013 | By Andrew Tangel and Stuart Pfeifer, Los Angeles Times
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.
NEWS
December 19, 2012 | Alana Semuels
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.
BUSINESS
December 19, 2012 | By Jim Puzzanghera
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.
BUSINESS
December 13, 2012 | By Andrew Tangel
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.
BUSINESS
December 3, 2012 | By Andrew Tangel
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.
BUSINESS
July 22, 2013 | By Jim Puzzanghera
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.
BUSINESS
October 30, 2012 | By Tiffany Hsu
Swiss bank UBS will cut 10,000 jobs as it exits from its fixed-income trading business and tries to cut costs and concentrate on wealth management. The Zurich, Switzerland-based institution, which stated that it is “significantly reshaping its investment bank,” said it will bring its head count to 54,000 by 2015 from 64,000 employees currently. Some 2,000 cuts will come from UBS front-office workers who deal directly with clients. In total, that's a 16% slice off the overall workforce.
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