UBS Hit With €1.5M Fine In Parmalat Case

Law360, New York (October 31, 2008, 12:00 AM EDT) -- UBS AG will hand over €1 million ($1.27 million) in ill-gotten gains and pay a €500,000 ($637,000) fine to settle market-rigging charges brought in a Milan court by the Italian government in connection with the collapse of Parmalat SpA, UBS said Friday.

The Swiss bank was one of five major international financial institutions – including Bank of America Corp., Citigroup Inc., Deutsche Bank and Morgan Stanley – facing market-rigging charges related to the 2003 multibillion dollar implosion of Parmalat.

Judge Cesare Tacconi of Milan brought the...
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