May 22, 2015
by Laura DeGeer
Five of the world's largest banks agreed Wednesday to plead guilty to rigging currency markets and to pay over USD $5 billion in penalties to the US Department of Justice (DOJ), along with several domestic and international agencies. Traders from Citicorp, Barclays, the Royal Bank of Scotland, ...[read more]
September 22, 2014
by Alison Sacriponte
A French appeals court ruled Monday that Swiss bank UBS must deposit a guarantee of 1.1 billion euro in an investigation of charges for aiding in tax evasion for wealthy French customers. In July UBS was put under formal investigation for allegations of laundering the proceeds of tax evasion. ...[read more]
March 7, 2014
by Matthew Pomy
An Italian appeals court overturned the fraud oversight convictions of several banks on Friday. A lower court ruled that JPMorgan Chase & Co., Deutsche Bank AG, UBS AG and Depfa Bank Plc forced the city of Milan to enter into an interest-rate swap agreement that ended up costing the city ...[read more]
January 17, 2014
by Samuel Franklin
A judge for the US Bankruptcy Court for the Eastern District of Michigan on Thursday rejected a proposed $165 million settlement agreement for the now-bankrupt city of Detroit to pay off UBS and Bank of America. Referring to the agreement as financially imprudent, Judge Steven Rhodes put a halt ...[read more]
December 19, 2013
by Julie Deisher-Edwards
A judge for the US Bankruptcy Court for the Eastern District of Michigan on Wednesday ordered Detroit to renegotiate its bankruptcy-related financing with UBS and Bank of America. Judge Steven Rhodes found that the deal, which required Detroit to pay the banks 75 percent of its debt to those ...[read more]
January 21, 2013
by Sarah Steers
On January 21, 2010, the Swiss Administrative court ruled that 25 American taxpayers, all clients of Swiss banking giant UBS, need not disclose their financial information to the US Internal Revenue Service (IRS). This decision reversed a ruling by the Swiss Federal Tax administration that would ...[read more]
December 19, 2012
by Max Slater
The US Department of Justice (DOJ) announced criminal charges Wednesday against two former UBS traders for allegedly helping UBS illegally manipulate foreign interest rates. The DOJ accused former traders Tom Hayes and Roger Darin of assisting in a conspiracy to manipulate the London Interbank ...[read more]
September 11, 2012
by Jerry Votava
An attorney for former UBS banker Bradley Birkenfeld announced on Tuesday that the US Internal Revenue Service (IRS) awarded Birkenfeld $104 million for information leading to an agreement between UBS and the IRS for $740 million in fines and penalties for its role in helping US clients shelter ...[read more]
August 21, 2012
by Garrett Eisenhour
On August 21, 2009, former UBS banker Bradley Birkenfeld was sentenced to 40 months in prison for helping a client avoid paying more than $7.2 million in taxes. The same week, a Swiss lawyer and Swiss banking executive were indicted in Florida for allegedly helping clients hide assets and defraud ...[read more]
August 19, 2011
by Dwyer Arce
On August 19, 2009, the US government reached an agreement with Switzerland that granted the US Internal Revenue Service (IRS) access to information on thousands of Swiss bank accounts. As part of the agreement, the Swiss government instructed banking giant UBS to turn over information regarding ...[read more]

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