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Stock Market & Financial Investment News

News Breaks
February 12, 2013
06:23 EDTAIG, UBSUBS fined GBP9.45M for failings in sale of an AIG fund
The Financial Services Authority has fined UBS AG (UBS) for failures in the sale of the AIG Enhanced Variable Rate Fund (AIG). These failures led to UBS customers being exposed to an unacceptable risk of an unsuitable sale of the Fund. UBS also failed to deal properly with complaints from customers about sales of the Fund. UBS agreed to settle at an early stage entitling it to a 30% discount on its fine. Were it not for this discount, the FSA would have imposed a financial penalty of GBP13.5M on UBS. Reference Link
News For UBS;AIG From The Last 14 Days
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May 20, 2015
10:09 EDTUBSCiti, JPMorgan, RBS, Barclays, UBS agreed to guilty pleas in forex settlement
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10:00 EDTUBSOn The Fly: Analyst Upgrade Summary
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08:05 EDTAIGAIG acquires controlling stake in ING Employee Benefits Global Network
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07:01 EDTUBSUBS ordered to buy back bond funds from investor, Reuters reports
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05:45 EDTUBSUBS upgraded to Buy from Neutral at BofA/Merrill
05:21 EDTUBSUBS enters resolutions with DOJ, Federal Reserve, CT DOB
UBS announced that it has approved entering into resolutions with the US Department of Justice, or DOJ, the Board of Governors of the Federal Reserve System, and the Connecticut Department of Banking, or CT DOB, in their investigations of the global foreign exchange, or FX, markets. This follows the firm's resolutions last November with the Swiss Financial Market Supervisory Authority, UK Financial Conduct Authority and the U.S. Commodity Futures Trading Commission. The bank continues to cooperate with ongoing investigations by other authorities in this industry-wide matter, which include investigations of individuals. As a result of the resolutions, UBS has not been criminally charged for FX conduct. The DOJ will also not file any charges concerning its investigations into the firm's V10 FX-related structured products and its precious metals business. In resolving the FX matter with the DOJ, UBS received conditional immunity from prosecution for EUR/USD collusion from the Antitrust Division, which will also not prosecute UBS for any other FX conduct. This immunity reflects UBS's role as the firm that first reported potential misconduct to the DOJ, and the full cooperation provided to the DOJ and other authorities throughout the world. The DOJ used its sole discretion to terminate its 2012 Non-Prosecution Agreement with UBS related to LIBOR. As a consequence, UBS AG has agreed to plead guilty to one count of wire fraud for conduct in the LIBOR matter, pay a $203M fine and accept a three-year term of probation. This guilty plea for LIBOR by UBS AG relates to the same conduct that was the basis of the plea by the firm's Japanese subsidiary when the firm resolved its LIBOR issues in 2012. The Fed and the CT DOB jointly issued a cease and desist order finding that UBS engaged in unsafe and unsound business practices relating to its FX business. UBS will pay a penalty of $342M to the Fed and has agreed to undertake a series of remedial measures. The firm is fully provisioned for these resolutions. As a consequence, they will have no financial impact on Q2 results.
May 19, 2015
15:42 EDTUBSBanks' settlement over forex rigging to be announced tomorrow, CNBC says
Several banks are said to plan to plead guilty and pay "billions" in fines in a settlement over their roles in foreign exchange manipulation that is expected to be announced Wednesday, according to CNBC's Kate Kelly. Prior media reports have listed Barclays (BCS), Royal Bank of Scotland (RBS), UBS (UBS), JPMorgan (JPM) and Citigroup (C) as having been in talks with U.K. and U.S. authorities for their roles in foreign currency rigging.
May 18, 2015
08:31 EDTUBSUBS, NYSE Bonds announce strategic relationship
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07:12 EDTUBSBarclays expected to face over GBP250M in fines for rigging, Telegraph says
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May 15, 2015
17:15 EDTAIGPaulson & Co. gives quarterly update on stakes
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10:55 EDTAIGJANA Partners gives quarterly update on stakes
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07:50 EDTUBSDOJ tearing up prior UBS rigging settlement after new violations, WSJ reports
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May 14, 2015
16:26 EDTAIGAIG files automatic mixed securities shelf
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07:37 EDTUBSUBS ordered to pay $200,000 to PR bond fund investor, Reuters reports
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06:49 EDTUBSBanks to pay several billion over alleged currency violations, NY Times says
Barclays (BCS), JPMorgan Chase (JPM), Citigroup (C) and the Royal Bank of Scotland (RBS) are expected to agree to pay a combined "several billion dollars" as part of a settlement with the U.S. over alleged foreign exchange rigging, according to The New York Times, which cited unnamed sources. The banks are also expected to plead guilty to criminal antitrust violations, but it is not anticipated that their operations will be significantly affected as a result of those pleas, the newspaper stated. Meanwhile, UBS (UBS) will pay a fine of up to $500M related to alleged "foreign currency misconduct," the newspaper stated. Reference Link
May 13, 2015
08:45 EDTAIGAIG names Brian Schreiber as Chef Strategy Officer
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08:27 EDTUBSDOJ may scrap non-prosecution agreement with UBS over rigging, FT says
UBS had agreed in 2012 to a non-prosecution agreement with the Department of Justice to resolve allegations it rigged the benchmark rate and that deal was recently extended for an additional year to the end of 2015, but the DOJ is threatening the NPA as it pursue a new investigation of foreign exchange manipulation, said Financial Times. Reference Link
May 11, 2015
09:58 EDTUBSBarclays expected to pay GBP2B to settle forex rigging charges, FT says
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May 10, 2015
20:03 EDTUBSCiti, JPMorgan, UBS consider exiting U.K., Financial Times says
Citi (C), JPMorgan (JPM), and UBS (UBS) are considering exiting their London operations due to the U.K.'s bank levy, reports the Financial Times, citing people familiar with the matter. There is particular focus among the banks to reduce repurchase agreements, said three senior industry figures. The Financial Times notes that the recent Conservative win could see political maneuvers to reduce or renegotiate the levy, potentially persuading the banks to stay. Reference Link
16:54 EDTUBSUBS expands U.S. investment banking operations, WSJ says
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