UBS set to pay $80 million over Adoboli case
November 23 , 2012
UBS is close to paying a settlement fine of $80 million to regulators over control failures that led to a $2.3 billion rogue trading loss, the Financial Times reported on Thursday.
Britain's Financial Services Authority (FSA) and Swiss regulator Finma have launched a joint probe into the bank's control failings that led to Kweku Adoboli, a trader on UBS's "Delta One" desk, losing more than $2 billion for the bank.
The investigation has resumed following the culmination of Adoboli's criminal trial. He was convicted of fraud and jailed for seven years on Tuesday.