UBS (UBS) Settles Libor Charges for $1.5 Billion, Pleads Guilty to Felony Wire Fraud
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In the latest fallout in the labor scandal, on Wednesday UBS (NYSE: UBS) agree to settle charges for $1.5 billion. CEO Sergio Ermotti also admitted wrong doing, saying "We are taking responsibility for what happened."
The settlement is the latest headline in a vast conspiracy involving dozens of traders at multiple banks. 36 traders left UBS in the past year, and authorities are seeking additional penalties against two former traders and alleged ringleaders in a plot described by regulators as “epic”.
Earlier this year, HSBC settled charges for $1.9 billion, but no criminal charges were filed. By contrast, UBS will plead guilty to felony wire fraud. Regulators sought stiffer criminal penalties but backed off for fear of jeopardizing banking operations.
The settlement is the latest headline in a vast conspiracy involving dozens of traders at multiple banks. 36 traders left UBS in the past year, and authorities are seeking additional penalties against two former traders and alleged ringleaders in a plot described by regulators as “epic”.
Earlier this year, HSBC settled charges for $1.9 billion, but no criminal charges were filed. By contrast, UBS will plead guilty to felony wire fraud. Regulators sought stiffer criminal penalties but backed off for fear of jeopardizing banking operations.
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