UBS confirms $100 million fraud investigation in connection with $20 billion mortgage settlement

Reuters The Swiss bank UBS confirmed on Wednesday it is launching an investigation into alleged fraud related to a $20-billion settlement between the U.S. and the world’s largest banks.

The news was first reported by Bloomberg.UBS said it will cooperate fully with the investigation, which it said is being led by the Financial Crimes Enforcement Network, orFinCEN, an umbrella group of federal agencies, the U, and the European Union.

The Swiss bank said the investigation will examine financial transactions involving U.N. agencies, state governments, and international financial institutions.

The settlement, approved by the U.”s U. S. Congress in September, is aimed at helping U.K.-based Barclays pay $13 billion to settle charges of rigging interest rates and interest-rate swaps.