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UBS sets aside $1.9bn for settlement, litigation

UBS booked a litigation charge of nearly $2bn in the third quarter, as it held talks with regulators investigating whether it tried to manipulate the foreign exchange market.

Switzerland's largest bank made a SFr1.84bn ($1.9bn) provision for possible regulatory settlements and litigation charges as it warned these were likely to remain "at elevated levels" for the rest of the year.

UBS said it was taking the charge to deal with "litigation, regulatory and similar matters," adding:

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