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| UBS pays $545m to settle foreign exchange probe | UBS pays $545m to settle foreign exchange probe |
| (35 minutes later) | |
| Swiss bank UBS has paid US authorities a total of $545m (£352m) to settle an investigation into the manipulation of foreign exchange rates. | Swiss bank UBS has paid US authorities a total of $545m (£352m) to settle an investigation into the manipulation of foreign exchange rates. |
| The total includes a $203m fine after UBS pleaded guilty to a charge it rigged Libor benchmark interest rates. | |
| US and UK authorities are expected to hand out penalties to major banks totalling about $5bn related to the foreign exchange investigation. | US and UK authorities are expected to hand out penalties to major banks totalling about $5bn related to the foreign exchange investigation. |
| Details of these settlements are expected to be announced later. | Details of these settlements are expected to be announced later. |
| UBS said it had settled with the US Department of Justice, the US Federal Reserve and the Connecticut Department of Banking. | |
| In 2012, the bank reached a non-prosecution agreement with the US Department of Justice over the Libor scandal. | |
| However, this was revoked by the department. As a result, UBS has agreed to plead guilty to one count of wire fraud, pay the $203m fine and accept a three-year probation period. | |
| UBS said the Fed and Connecticut Department of Banking had found that the bank "engaged in unsafe and unsound business practices" relating to its foreign exchange business. | |
| As a result, UBS is paying a $342m penalty to the Fed and has agreed to undertake a series of "remedial measures". | |
| In a statement, UBS said: "The conduct of a small number of employees was unacceptable and we have taken appropriate disciplinary actions." |