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Stock Market & Financial Investment News

News Breaks
December 19, 2012
11:17 EDTUBSDOJ files charges against UBS Securities Japan for LIBOR manipulation
The Justice Department is filing a criminal information charging UBS Securities Japan – a subsidiary of the multinational financial institution UBS – with felony wire fraud for engaging in a scheme to manipulate the London Interbank Offered Rate, or LIBOR – a key benchmark for financial products and transactions around the world. The company has agreed to plead guilty to this charge, to admit to its criminal conduct, and to pay a $100M fine. UBS AG – the parent company of UBS Japan – has agreed to pay a penalty of $400M to the U.S government; to admit and accept responsibility for its misconduct; and to continue cooperating with the Department’s ongoing investigation as part of a non-prosecution agreement. Combined with roughly $1 billion in regulatory penalties and disgorgement, these criminal fines and penalties bring today’s total resolution to approximately $1.5B. The non-prosecution agreement illustrates the significant steps that UBS has taken to help investigators uncover LIBOR misconduct, and to implement remedial measures strengthening the company’s internal controls. Reference Link
News For UBS From The Last 14 Days
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August 31, 2015
06:10 EDTUBSBanks lobby EU over privacy rules overhaul, FT reports
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August 27, 2015
18:02 EDTUBSU.S. may prohibit Deutsche Bank, others from managing pensions, Bloomberg says
In correspondence dated mid-July, the U.S. Labor Department tentatively rejected requests from Deutsche Bank (DB), UBS (UBS), RBS (RBS) to manage U.S. pension funds, reports Bloomberg, citing letters between the organizations. Bloomberg notes that the Department could use the "threat of denial" to mandate stricter conditions on pension management. Reference Link
06:23 EDTUBSGoldman hiring 'several hundred' employees for Warsaw units, Reuters reports
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