UBS expects charges over health group

UBS, Switzerland’s biggest bank, said yesterday it faces legal action from watchdogs for its involvement in one of America’s most extraordinary financial scandals.

The bank has received a so-called Wells Notice from the Securities & Exchange Commission in connection with work it did for HealthSouth, which has admitted to inflating profits by $2.5 billion

UBS fined $100m

Switzerland’s largest bank, UBS, has been fined $100m by the United States Federal Reserve for violating US trade sanctions.

UBS admitted “very serious mistakes” had been made and said it would now quit the banknote trading business outside Switzerland.

The Fed had accused the bank of supplying US dollars to countries such as Cuba, Libya, Iran and Yugoslavia