Swiss bank UBS settles U.S. cases for $545M

BERLIN (AP) — Swiss bank UBS says it is pleading guilty to wire fraud and is paying $545 million to settle U.S. cases of market manipulation.

The bank said recently that under the deal with U.S. authorities it will be granted conditional immunity from prosecution in a Department of Justice probe on the manipulation of foreign
exchange rates.

It will however pay a $342 million fine to the Federal Reserve.

It will separately pay a $203 million fine to the DOJ for manipulating a key market interest rate called the London Interbank Offered Rate.

The bank said “the conduct of a small number of employees was unacceptable and we have taken appropriate disciplinary actions.”