Tue, Jun 20th 2023
(Keystone SDA) UBS could face hundreds of millions of dollars in fines over Credit Suisse’s failures in the Archegos case. U.S., U.K. and Swiss authorities have completed their investigation into the collapsed hedge fund, the Financial Times announced on Monday, citing people familiar with the matter.
The U.S. Federal Reserve could impose a fine of up to 300 million U.S. dollars. According to the report, the British Prudential Regulation Authority (PRA) is threatened with a fine of over $100 million. However, the penalties could be negotiated as part of the settlement talks that have already begun.
The Swiss financial market supervisory authority FINMA cannot impose any penalties. But they plan to publish a report on the bank’s failures in the Archegos case, it said.
According to the FT, the findings of the authorities and the penalties are to be published by the end of July. However, this could be postponed due to the recent takeover of CS by UBS.
Currently, CS has set aside only 35 million francs for possible penalties in the Archegos case, the report said. When asked by AWP, Credit Suisse declined to comment on the post, and UBS and Finma could not be reached for comment.
This article was reprinted with permission from Keystone SDA.
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