Swiss Bank UBS Pleading Guilty To Wire Fraud

Swiss bank UBS says it is pleading guilty to wire fraud and is paying $545 million to settle U.S. cases of market manipulation.

The bank said Wednesday that under the deal with U.S. authorities it will be granted conditional immunity from prosecution in a Department of Justice probe on the manipulation of foreign exchange rates. UBS AG said it was the first to report to the DOJ potential misconduct by banks in forex markets.

It will however pay a $342 million fine to the Federal Reserve.

It will separately pay a $203 million fine to the DOJ for manipulating a key market interest rate called the London Interbank Offered Rate.

The bank said "the conduct of a small number of employees was unacceptable and we have taken appropriate disciplinary actions."

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Judge says court battle over giant emerald can proceed

A Los Angeles judge has ruled a trial can go forward to determine ownership of an emerald weighing 840 pounds that was hauled out of a Brazilian mine more than a decade ago.
 
The 180,000-carat emerald is at the center of a court battle between gem traders, miners, real estate tycoons and others vying for the jewel once valued at $372 million.

The latest claim to ownership came from the Brazil government, which wants the gem returned to its country of origin.

The Los Angeles Times reports Superior Court Judge Michael Johnson said this week a motion by Brazil lacked sufficient evidence to warrant halting the case.

The jewel known as the Bahia Emerald is one of the largest of its kind in the world.

5 arrested in protest inside Supreme Court

Protesters disrupted Supreme Court proceedings on Wednesday for the second time this year with shouted criticism of the court's previous rulings on campaign finance.
 
Supreme Court police swiftly removed five people from the courtroom after they rose, one after another, to interrupt the start of the court's session.

The advocacy group 99rise, which opposes the influence of money in elections, took responsibility for the protest, as it did for similar episodes in January and last year. The group said in a statement that six of its members took part Wednesday, though court spokeswoman Kathy Arberg said only five people were arrested.

Arberg said all five have been charged under a law that prohibits making "a harangue or oration" or uttering "loud, threatening or abusive language" in the Supreme Court Building. They also were charged with conspiracy-related offenses and sent to a holding cell at Washington, D.C., police headquarters.

The first protester rose from his seat among spectators in the courtroom just after the justices took the bench at 10 a.m. "I rise to claim our democracy, one person, one vote," he said.

Chief Justice John Roberts initially joked that he didn't think the court's scheduled arguments in bankruptcy cases "would attract such attention." But Roberts turned serious as the protests continued and warned that anyone disrupting proceedings could be charged with criminal contempt.

In the two previous protests, at least one person from 99rise carried a camera and recorded the disruption in violation of the court's ban on cameras in the courtroom. The surreptitiously recorded video was later posted online.

The group said in a statement that the protest was tied to the one-year anniversary of the Supreme Court's ruling in McCutcheon v. FEC, in which the justices struck down the overall federal limit on individual campaign contributions. The anniversary is on Thursday, when the court will not be in session.

Republicans welcome court decision in immigration lawsuit

House Speaker John Boehner says a federal judge's ruling temporarily blocking President Barack Obama's executive action on immigration underscores that he acted beyond his authority.
 
In a statement Tuesday, the Ohio Republican said the ruling by a Texas judge was no surprise, citing Obama's repeated comments about the limits of his authority. Boehner said he hoped that Senate Democrats will relent in their opposition to a Homeland Security Department spending bill that overturns Obama's actions to spare millions of immigrants from deportation.

The department's funding expires Feb. 27 and Congress has only a few legislative days to act.

Sen. John Cornyn of Texas, the No. 2 Republican in the Senate, said in a statement that he hoped Obama obeys the court's ruling. The Justice Department has said it would appeal.

Anxiety over Supreme Court's latest dive into health care

Nearly five years after President Barack Obama signed his health care overhaul into law, its fate is yet again in the hands of the Supreme Court.

This time it's not just the White House and Democrats who have reason to be anxious. Republican lawmakers and governors won't escape the political fallout if the court invalidates insurance subsidies worth billions of dollars to people in more than 30 states.

Obama's law offers subsidized private insurance to people who don't have access to it on the job. Without financial assistance with their premiums, millions of those consumers would drop coverage.

And disruptions in the affected states don't end there. If droves of healthy people bail out of HealthCare.gov, residents buying individual policies outside the government market would face a jump in premiums. That's because self-pay customers are in the same insurance pool as the subsidized ones.

Health insurers spent millions to defeat the law as it was being debated. But the industry told the court last month that the subsidies are a key to making the insurance overhaul work. Withdrawing them would "make the situation worse than it was before" Congress passed the Affordable Care Act.

The debate over "Obamacare" was messy enough when just politics and ideology were involved. It gets really dicey with the well-being of millions of people in the balance. "It is not simply a function of law or ideology; there are practical impacts on high numbers of people," said Republican Mike Leavitt, a former federal health secretary.

The legal issues involve the leeway accorded to federal agencies in applying complex legislation. Opponents argue that the precise wording of the law only allows subsidies in states that have set up their own insurance markets, or exchanges. That would leave out most beneficiaries, who live in states where the federal government runs the exchanges. The administration and Democratic lawmakers who wrote the law say Congress' clear intent was to provide subsidies to people in every state.

Two justices once open to cameras in court now reconsider

Two Supreme Court justices who once seemed open to the idea of cameras in the courtroom said Monday they have reconsidered those views, dashing even faint hopes that April's historic arguments over gay marriage might be televised.

In separate appearances, Justices Elena Kagan and Sonia Sotomayor said allowing cameras might lead to grandstanding that could fundamentally change the nature of the high court.

Sotomayor told an audience in West Palm Beach, Florida, that cameras could change the behavior of both the justices and lawyers appearing at the court, who might succumb to "this temptation to use it as a stage rather than a courtroom."

"I am moving more closely to saying I think it might be a bad idea," she said.

During her confirmation hearings in 2009, Sotomayor told lawmakers she had a positive experience with cameras and would try to soften other justices' opposition to cameras.

Speaking at the University of Chicago's Institute of Politics, Kagan told an audience that she is "conflicted" over the issue and noted strong arguments on both sides.

Kagan said that when she used to argue cases before the court as Solicitor General, she wanted the public to see how well prepared the justices were for each case "and really look as though they are trying to get it right."

But Kagan said she is wary now of anything "that may upset the dynamic of the institution."

She pointed to Congress, which televises floor proceedings, saying lawmakers talk more in made-for-TV sound bites than to each other.