UBS fined $1.5 billion over Libor
In rate rigging, bank settles with U.S., British, Swiss
Posted: December 20, 2012 at 3:48 a.m.
FILE - In this March 19, 2012 file photo the logo of the Swiss bank UBS is pictured behind a statue in Zurich, Switzerland. UBS AG agreed Wednesday, Dec. 19, 2012 to pay some US$1.5 billion in fines to international regulators following a probe into the rigging of a key global interest rate. In admitting to fraud, Switzerland's largest bank became the second bank, after Britain's Barclays PLC, to settle over the rate-rigging scandal. The fine, which will be paid to authorities in the U.S., Britain and Switzerland, also comes just over a week after HSBC PLC agreed to pay nearly US$2 billion for alleged money laundering. (AP Photo/Keystone, Steffen Schmidt)
Swiss bank UBS agreed Wednesday to pay $1.5 billion in fines for attempting to manipulate a key interest rate that affects borrowers around the world.
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Business, Pages 25 on 12/20/2012
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