Reuters: UBS says to settle FX probe, pay $545 million, plead guilty over Libor

#AceFinanceNews - May.20: UBS alleged rigging of libor pays the price. 

UBS says to settle FX probe, pay $545 million, plead guilty over Libor

UBS said on Wednesday it has settled a probe by U.S. authorities over alleged rigging of currency markets by agreeing to pay $545 million (341 million pounds) in combined fines and pleading guilty to one count of wire fraud in a separate matter.

The Swiss bank's disclosure comes as part of what is expected to be a combined bill of more than $5 billion and criminal charges for five of the world's biggest banks in a settlement with U.S. and British authorities over the foreign exchange probe.

UBS said its settlement includes a $203 million penalty for pleading guilty to allegations it rigged Libor benchmark interest rates. 

The Zurich-based bank originally reached a settlement on that matter in 2012, but U.S. justice officials cancelled an agreement not to prosecute UBS over Libor as the forex probe mushroomed. The bank at one stage received a conditional immunity over forex, because it was the first firm to report the misconduct to U.S. officials.

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