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Switzerland: UBS fined $203 million over LIBOR scandal but gets immunity on FX

By  |  May 20, 2015

The Swiss banking giant UBS said Wednesday that it will plead guilty to fraud in the US for manipulating benchmark interest rates and pay $203 million in fines, but has escaped prosecution for foreign exchange manipulation.

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    The announcement comes as four other major banks are expected to fined billions of dollars for rigging the foreign exchange market in settlements with US and British regulators.

    The US Department of Justice dropped charges against UBS into the currency rigging probe, and granted it conditional immunity for cooperating with the authorities, the bank said in a statement.

    It will nevertheless pay a $342-million penalty (307 million euros) to the US Federal Reserve and change the way its foreign exchange system works, the bank said.

     

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