The United States announced on Wednesday, May 4, the Swiss bank UBS had agreed to pay $ 160 million (108 million euros) in damages for anticompetitive practices in the bond market and Federated States local communities. The Justice Department and Securities and Exchange Commission (SEC) said in a statement that UBS had admitted handling the procedure for awarding public contracts to manage these obligations.
UBS has agreed with other financial institutions between 2001 and 2006 to allocate customers in the United States and thus inflating prices. "UBS and its former executives are guilty of practices that have corrupted the competitive process and harmed the state and local governments and ultimately taxpayers nationwide," said an assistant to the Secretary for Justice Christine Varney, quoted in the statement.
The means used by senior UBS not to arouse the suspicions of their clients were relatively sophisticated, "said an investigator with the SEC, Elaine Greenberg. Major financial institutions had "passed secret agreements and allocate roles to win contracts and defraud the state and local," she said.
The bank, which had won a government contract, enjoyed an "offers convenience" of his counterparts and had "a right of final" on them. Payments disguised as financial transactions to offset the shortfall losers. The amount that UBS agreed to pay some $ 47.2 million will go to states and local governments, and $ 113 million would put an end to prosecution of federal and local authorities.
In 2008, UBS had closed the subsidiary and laid off employees responsible for these practices. It is no longer present in this activity in the United States. 
UBS has agreed with other financial institutions between 2001 and 2006 to allocate customers in the United States and thus inflating prices. "UBS and its former executives are guilty of practices that have corrupted the competitive process and harmed the state and local governments and ultimately taxpayers nationwide," said an assistant to the Secretary for Justice Christine Varney, quoted in the statement.
The means used by senior UBS not to arouse the suspicions of their clients were relatively sophisticated, "said an investigator with the SEC, Elaine Greenberg. Major financial institutions had "passed secret agreements and allocate roles to win contracts and defraud the state and local," she said.
The bank, which had won a government contract, enjoyed an "offers convenience" of his counterparts and had "a right of final" on them. Payments disguised as financial transactions to offset the shortfall losers. The amount that UBS agreed to pay some $ 47.2 million will go to states and local governments, and $ 113 million would put an end to prosecution of federal and local authorities.
In 2008, UBS had closed the subsidiary and laid off employees responsible for these practices. It is no longer present in this activity in the United States.
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