UBS says not fined in currency rigging probe but must pay US $342 mn

Swiss banking giant UBS said Wednesday that the US Department of Justice had dropped charges against it after a probe into currency rigging. The bank must nevertheless pay a $342-million penalty (307 million) to the Federal Reserve, the bank said in a statement. A previous agreem

Editorial Team Legacy

Published 20 May 2015, 8:00 · Updated 21:41

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Swiss banking giant UBS said Wednesday that the US Department of Justice had dropped charges against it after a probe into currency rigging.

The bank must nevertheless pay a $342-million penalty (307 million) to the Federal Reserve, the bank said in a statement. A previous agreement with US authorities struck in 2012 over the Libor scandal into manipulation of benchmark interest rates, however, has been overturned.

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