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UBS faces $1 billion day of reckoning over interest rate rigging

Posted By admin On December 17, 2012 @ 6:58 am In Money Watch | Comments Disabled

Reuters [1]
Dec 17, 2012

UBS AG is expected to be hit with a $1 billion (618.4 million pounds)-plus fine to settle charges of rigging Libor interest rates this week, making it the second bank to be brought to book for its role in the global scandal.

The fine, to be imposed by regulators in Britain and the United States, would be the latest blow for the Swiss bank that suffered a rogue trading scandal last year, paid a $780 million fine to settle a U.S. tax investigation in 2009 and nearly collapsed in 2008 under the weight of huge subprime losses.

Sources familiar with the matter have told Reuters the fine will be $1 billion or more, which would be more than double the $450 million levied on British bank Barclays Plc in June for interest rate manipulation.

Full article here [1]


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[1] Reuters: http://uk.reuters.com/article/2012/12/17/uk-ubs-libor-fine-idUKBRE8BE05L20121217

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