UBS Group AG will pay $545 million to settle U.S. investigations into its role in manipulating currency and interest rates, removing two of the bank's biggest legal hurdles.
The lender's main unit, UBS AG, will plead guilty to fraud for manipulating benchmark interest rates and pay $203 million in fines after the Swiss bank violated an agreement that had allowed it to avoid prosecution, UBS said in a statement Wednesday.
In the currency case, UBS said it will pay $342 million to the Federal Reserve, which regulates foreign banks, and undertake remedial measures. It won immunity for cooperating in a parallel antitrust probe, sparing the bank possible fines and felony charges on that score.
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