-
Justice Department reportedly expands forex trading probe at UBS and Barclays
The Justice Department is expanding an investigation into bank foreign currency practices, according to a published report. The Financial Times. reported, citing unnamed sources, that the Justice Department is looking into whether Barclays UBS, -0.61% and UBS BCS, -0.77% were selling structured products while at the same time not disclosing profits from currency trades that generated the products’ returns. These products were aimed at so-called sophisticated investors, including Swiss hedge funds. In November, UBS paid U.S., U.K. and Swiss authorities $799 million along with five other banks to settle allegations ... (full story)