UBS to Pay $300 Million to Settle Credit Suisse Obligations Under DOJ Deal The Wall Street Journal https://www.wsj.com/finance/ubs-to-pay-300-million-to-settle-credit-suisse-obligations-under-doj-dea-f1bd07e6 UBS Group announced it has finalized a deal with the US Justice Department, agreeing to pay $300 million to fulfill lingering consumer-relief commitments made by Credit Suisse. Having acquired Credit Suisse in 2023, the Swiss bank revealed last week that its subsidiary, Credit Suisse Securities (USA) LLC, has reached an arrangement with the DOJ to settle all outstanding obligations from a prior agreement. These obligations originate from a 2017 settlement involving Credit Suisse and the DOJ concerning the bank's legacy residential mortgage-backed securities operations. UBS anticipates a credit in its third-quarter results relating to its noncore and legacy business as a result of the release from potential obligations established during the Credit Suisse acquisition. F1 tycoon pleads guilty to abetting the obstruction of justice BBC https://www.bbc.com/news/articles/ceqylpw3zzdo A billionaire hotelier based in Singapore has confessed to a serious offense linked to an astonishing corruption scandal that emerged in the country last year. Ong Beng Seng has acknowledged his role in obstructing justice by aiding former transportation minister Subramaniam Iswaran in concealing evidence during a corruption investigation. Ong offered lavish gifts, such as an all-expenses-paid trip that included a private jet journey, to Iswaran while they were conducting official business. According to Singapore's regulations, ministers are forbidden from keeping gifts unless they reimburse the market value to the government, and they must disclose any gifts received from individuals with whom they have business relationships. Former star fund manager and company fined �46m BBC https://www.bbc.com/news/articles/ckgdx0lgg28o Former star fund manager Neil Woodford and his investment firm face significant penalties totaling nearly �46 million levied by the financial regulatory authority. In 2019, the collapse of the Woodford Equity Income Fund resulted in losses for approximately 300,000 investors, who attempted to withdraw their funds more quickly than the fund was able to disburse. The Financial Conduct Authority (FCA) has provisionally imposed a fine of nearly �6 million on Woodford himself. It has prohibited him from holding senior managerial positions or overseeing funds for retail investors. Additionally, his investment firm, Woodford Investment Management (WIM), has been fined �40 million. Both Woodford and WIM are currently appealing these rulings, making all FCA assessments provisional.