As a part of settling the LIBOR-related claims with US and UK authorities, UBS has agreed to pay approximately CHF1.4 billion in fines and disgorgement to US, UK and Swiss authorities.

Additionally, the bank has also reached a settlement with the UK’s Financial Services Authority (FSA) concerning its investigation, while the Swiss Financial Market Supervisory Authority (FINMA) will also issue an order concluding its formal proceedings with respect to UBS.

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In addition to the payment of approximately CHF1.4 billion in fines and disgorgement, UBS will also pay GBP160 million in fines to the FSA and CHF59 million as disgorgement of estimated profits to FINMA. The Board has authorized a payment of fines totaling US$1.2 billion to the DoJ and CFTC. These monies would be paid according to specified payment schedules.

Additionally, the Board of UBS Securities Japan Co. Ltd., (UBSSJ) has authorized UBSSJ to enter a plea to one count of wire fraud relating to the manipulation of certain benchmark interest rates, including Yen LIBOR, while the Board of UBS AG has authorized the firm to enter into a Non-Prosecution Agreement (NPA) with DoJ relating to UBS AG and all of its subsidiaries and affiliates, except for UBSSJ.

Commenting on the move, UBS CEO Sergio Ermotti said: "During the course of these investigations, we discovered behavior of certain employees that is unacceptable. Their misconduct does not reflect the values of UBS nor the high ethical standards to which we hold every employee. We have cooperated fully with the authorities and taken decisive and appropriate actions to correct the issues and to strengthen our control processes and procedures.

"We deeply regret this inappropriate and unethical behavior. No amount of profit is more important than the reputation of this firm, and we are committed to doing business with integrity," he added.

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