The Department of Justice (DOJ) ordered UBS AG (one of the three largest Swiss banks) and five others to hand over billions of dollars in fines amid accusations of currency-price fixing, manipulation of benchmark exchange rates collusion with five other banks.
The 15th January, 2015 historic FX markets 'flash crash' triggered by the Swiss National Bank (SNB) when it announced the complete removal of the EUR/CHF exchange rate peg had a devastating effect on thousands of forex investors around the globe losing many millions in a blink of an eye.
While investors were reeling with shock at their losses, UBS AG announced that their foreign-exchange earnings soared and doubled to $661 million from the previous three months and benefited further from the franc weakening against the dollar resulting in a foreign-currency translation after-tax gain of 528 million francs in contrast to prior quarter loss of 544 million francs.
The US Department of Justice (DOJ) is investigating UBS sold forex structured products which allegedly hid profits made from currency trades. The DOJ is examining whether UBS profited from switching positions and if such profits were revealed to its clients.
Giambrone's Forex Fraud lawyers are advising clients in relation to potential claims against UBS in relation to the non-execution of stop losses after the removal of the CHF EUR peg by the Swiss National Bank.
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