UBS to Pay $500 Million to Settle Currency Manipulation Charges

UBS (UBS) will pay over $500 million in fines for manipulating currencies and interest rates. The Swiss Bank will not face criminal charges relating to the misconduct involving currencies but will plead guilty to a criminal charge for manipulation of LIBOR and other interest rates. Other banks - Barclays, JP Morgan Chase, Citigroup and RBS are expected to settle with the U.S. Justice Department. Yahoo (YHOO) shares are recovering after taking a hit yesterday on possible IRS changes to the way it treats tax free spin-offs. The IRS change could impact Yahoo's sale of its $34 billion stake in Alibaba.