World Economy

UBS to Plead Guilty

UBS to Plead GuiltyUBS to Plead Guilty

UBS Group AG said its main unit will plead guilty to fraud in the US for manipulating benchmark interest rates and pay $203 million in fresh fines after the Swiss bank violated an agreement that had allowed it to avoid prosecution, Bloomberg reported. UBS received conditional immunity in a related US antitrust probe into currency rigging, the bank said in statement Wednesday, avoiding more fines as a reward for cooperating with authorities. However it will pay $342 million to the Federal Reserve and undertake remedial measures in connection with foreign exchange misconduct.