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UBS to Plead Guilty on Libor, Fined by Fed in Currency Probe

By Tony Seruga

UBS Group AG said its main unit will plead guilty to fraud in the U.S. for manipulating benchmark interest rates and pay $203 million in fresh fines after the Swiss bank violated an agreement that had allowed it to avoid prosecution.

UBS received conditional immunity in a separate U.S. antitrust probe into currency rigging, the bank said in statement Wednesday, avoiding more fines as a reward for cooperating with authorities. However, it will pay $342 million to the Federal Reserve and undertake remedial measures in connection with the foreign exchange misconduct…

UBS to Plead Guilty on Libor, Fined by Fed in Currency Probe

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