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.