DOJ Treatment Of UBS Undermines Leniency Program

Law360, New York (June 10, 2015, 10:19 AM EDT) -- The U.S. Department of Justice, under public pressure to prosecute banks and bankers, has undermined its Antitrust Leniency Program by violating at least the spirit of that program in its treatment of UBS AG regarding the foreign exchange rate investigation conducted jointly by the Antitrust Division and the Criminal Division. UBS received amnesty for its exchange rate conduct, but the DOJ turned around and used that conduct to renege on an agreement between UBS and the Criminal Division executed in December 2012 regarding Libor.

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