UBS, the big Swiss bank, reaped millions of dollars of illegal profits by rigging at least 100 municipal bond transactions in 36 states, the government said Wednesday. According to the Washington Post, in a settlement, UBS agreed to pay $160 million.
The case was part of an ongoing federal probe of manipulation in the market where municipalities borrow money to finance debts and pay for projects such as schools, roads and hospitals.
Instead of helping municipalities get the best deals, the federal authorities charged, UBS was cheating them.
Under an agreement with the Justice Department, UBS “admits, acknowledges and accepts responsibility for illegal, anticompetitive conduct” by former employees, the department said.
In December, Bank of America settled a similar case by agreeing to pay $137 million.
The broader investigation includes the Securities and Exchange Commission, the FBI, the Internal Revenue Service, bank regulators and state attorneys general.
UBS’s offenses occurred from 2001 through 2006, the Justice Department said.
In a statement, the bank said it cooperated fully with the investigation and that it has exited the business in question.
(아주경제 앤드류 이 기자)
The case was part of an ongoing federal probe of manipulation in the market where municipalities borrow money to finance debts and pay for projects such as schools, roads and hospitals.
Instead of helping municipalities get the best deals, the federal authorities charged, UBS was cheating them.
Under an agreement with the Justice Department, UBS “admits, acknowledges and accepts responsibility for illegal, anticompetitive conduct” by former employees, the department said.
In December, Bank of America settled a similar case by agreeing to pay $137 million.
The broader investigation includes the Securities and Exchange Commission, the FBI, the Internal Revenue Service, bank regulators and state attorneys general.
UBS’s offenses occurred from 2001 through 2006, the Justice Department said.
In a statement, the bank said it cooperated fully with the investigation and that it has exited the business in question.
(아주경제 앤드류 이 기자)
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