UBS Says Precious Metals Biz Under Review

Law360, Washington (March 14, 2014, 6:30 PM EDT) -- UBS AG has launched an internal investigation into its precious metals business after several international regulators began their own probes into potential industry manipulation, the company said on Friday.

In its annual report, the Swiss bank said it commenced an internal review of its foreign exchange and precious metals practices after hearing reports of “widespread irregularities” in the markets. UBS claimed it started its processes before regulators entered the fray, but it is cooperating with their investigations.

“UBS has taken and will take appropriate action with...
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