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Switzerland: Forex probes land new trader suspensions

By  |  March 30, 2014

Swiss-based bank giant UBS has reportedly suspended six traders this week as the lender continues its internal investigation into allegations of manipulation of the foreign exchange market, according to a source.

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    While UBS declined to comment on the matter, a source said up to six traders have been placed on leave as the bank continues its probe amid federal investigations into the alleged manipulation, within UBS and other major banks around the world.

    The alleged suspensions follow announcements of class action lawsuits being filed against the bank and others for the claims.

    UBS had approached the US Department of Justice last September with information relating to the allegations in hopes of qualifying for the regulator’s leniency program and being granted immunity. The US, EU, Germany, Switzerland, UK and other nations are all in the midst of their other foreign exchange market manipulation investigations.

    Full Content: Reuters

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