UBS wins immunity from precious metals charges

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UBS won immunity from criminal fraud charges in a Justice Department investigation into misconduct in the trading of precious metals.

Bloomberg News reports that the bank’s main UBS unit won’t be charged by the department’s criminal division for information the firm disclosed to prosecutors about precious-metals transactions, according to the company’s plea agreement released on Wednesday to resolve a probe into interest-rate manipulation.

The Justice Department on Wednesday announced that JPMorgan, Barclays and units of Citigroup and Royal Bank of Scotland agreed to plead guilty to conspiring to manipulate the price of U.S. dollars and euros. In its deal, UBS promised to help investigators examine whether there was 'manipulation of, or fraud in' precious metals markets. The four other banks’ agreements filed in federal court in Connecticut don’t detail cooperation by them in the metals case.

To access the complete Bloomberg News article hit the link below:

UBS Shielded From Charges in U.S. Precious-Metals Probe

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