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February 26, 2014

UBS Said to Seek Immunity in FX-Rigging Probes by EU, US

“UBS AG (UBSN), trying to reprise its success in limiting fines in a probe of interest-rate rigging, is seeking immunity in the U.S. and European Union as part of the global investigation of currency markets, two people with knowledge of the case said.”

“UBS saved itself billions of euros in fines in December by disclosing to the EU its role in manipulating the London Interbank offered rate. Now, the bank aims to be the first to report its own conduct in currency markets to European and American regulators, said the people, who requested anonymity because the matter isn’t public.”

“The Zurich-based bank is making its bid for leniency as at least a dozen regulators probe allegations that traders colluded to rig benchmarks in the $5.3 trillion-a-day currency market. The world’s biggest banks are under scrutiny, and at least 21 people have been fired or suspended as a result.”

“They’ve been through the drill and understand the benefits of cooperation,” said Douglas Tween, a lawyer at Baker & McKenzie LLP and a former Justice Department attorney. “You want to limit your exposure as much as you possibly can.”

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Read full Bloomber Personal Finance article here.

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