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United States v. UBS AG


United States v. UBS AG
According to the factual statement of breach attached to UBS’s plea agreement, UBS engaged in deceptive FX trading and sales practices after it signed the LIBOR non-prosecution agreement, including undisclosed markups added to certain FX transactions of customers.  UBS traders and sales staff misrepresented to customers on certain transactions that markups were not being added, when in fact they were.  On other occasions, UBS traders and sales staff used hand signals to conceal those markups from customers.  On still other occasions, certain UBS traders tracked and executed limit orders at a level different from the customer’s specified level in order to add undisclosed markups.  In addition, according to court documents, a UBS FX trader conspired with other banks acting as dealers in the FX spot market by agreeing to restrain competition in the purchase and sale of dollars and euros.  UBS participated in this collusive conduct from October 2011 to at least January 2013.

Case Open Date
  • UBS AG
  • FX
  • UBS Securities Japan Co. Ltd
Updated September 27, 2023