'Ugly' potential fallout from Supreme Court health care case

A Supreme Court ruling due in a few weeks could wipe out health insurance for millions of people covered by President Barack Obama's health care law. But it's Republicans — not White House officials — who have been talking about damage control.

A likely reason: Twenty-six of the 34 states that would be most affected by the ruling have Republican governors, and 22 of the 24 GOP Senate seats up in 2016 are in those states.

Obama's law offers subsidized private insurance to people without access to it on the job. In the court case, opponents of the law argue that its literal wording allows the federal government to subsidize coverage only in states that set up their own health insurance markets.

Most states have not done so, because of the intense partisanship over "Obamacare" and in some cases because of technical problems. Instead, they rely on the federal HealthCare.gov website.

If the court invalidates the subsidies in those states, an estimated 8 million people could lose coverage. The results would be "ugly," said Sandy Praeger, a former Kansas insurance commissioner.

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."