News Summary: UBS says legal costs threaten profit

News Summary: UBS posts 3Q profit but warns that regulatory challenges threaten profit targets

Associated Press

SWISS MISS: Swiss banking giant UBS had a profitable the third quarter, but warned that the cost of settling litigation may postpone profit goals moving forward.

CASH CRUNCH: U.S. regulators have been pursuing settlements with banks following the implosion of the mortgage-backed securities market. And UBS is one of several global banks being investigated by authorities in Switzerland, the U.S. and Britain for allegedly manipulating foreign exchange rates.

REALLY RAINY DAY FUND: UBS said Swiss regulators are demanding that it hold more capital to cover risks from litigation.

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