Herbert Smith Freehills leads as UBS receives £29.7m fine in rogue trader case
Herbert Smith Freehills has advised UBS as the Swiss bank today (26 November) received a £29.7m fine from the Financial Services Authority (FSA) for allowing a rogue trader to rack up $2.3bn (£1.4bn) of losses. The FSA said the fine, which was discounted from £42.4m for early settlement, was for serious weaknesses in the firm’s procedures, management systems and internal controls. The original fine was fixed at 15% of the revenue of the division in which the unauthorised trading took place.
Herbert Smith Freehills has advised UBS as the Swiss bank today (26 November) received a £29.7m fine from the Financial Services Authority (FSA) for allowing a rogue trader to rack up $2.3bn (£1.4bn) of losses.
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