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UBS pleads guilty in Libor case

US Justice Department revokes earlier agreement to settle the matter with Switzerland’s largest bank

UBS pleads guilty in Libor case

UBS became the latest global bank to plead guilty to crimes in the US and was slapped with $545 million in fines, after authorities probing the manipulation of foreign exchange rates tore up a three-year-old immunity agreement with Switzerland’s biggest lender.

Zurich-based UBS said on Wednesday it is not being criminally charged as part of a broader foreign-exchange investigation, but that its conduct prompted the Justice Department to void a separate agreement struck in 2012 that spared the bank from charges related to manipulation of the London interbank offered rate, or Libor.

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